Consumer Behavior and Cognitive Theories

Prof Rajagopal

Chapter Chapter 7 in Crowd-Based Business Models, 2021, pp 197-225 from Springer

Abstract: Abstract Social power as a pivot to analyze the power structure of consumers and consumers’ involvement of firms in crowdsourcing. Accordingly, the managerial implications of ‘consumer-firm’ power balance are deliberated in the chapter. Crowdsourcing is a process that explores collective intelligence for resolving the complex behavioral issues by distributing tasks to a large group of people. The learning objectives of this chapter include understanding of how consumer cognitive (thinking) processes and limitations affect beliefs and social influences, and how other contextual factors influence consumer decision-making, choices, and behavior. This chapter focuses on learning from external factors on consumer behavior and relationships with other people that influence their decision-making processes. The behavioral analytics is discussed in this chapter, in the context of motivation and decision theories. Besides, this chapter discusses the role of consumer advocacy and psychodynamics (peer-to-peer opinion dissemination) as a tool for developing crowd-based business models.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-77083-9_7

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DOI: 10.1007/978-3-030-77083-9_7

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