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Essay Details:
Essay text:
The focus of this paper is on
the sequences of product purchases. Discretionary actions and activities are
also covered.
THE THEORETICAL AND APPLIED RELEVANCE OF VARIED BEHAVIOUR
The assumption that consumers make rational, utility-maximizing choices
has played an important role in economic thought. As long as preferences remain
unchanged, the consumer is expected to choose the most preferred of the
available products. Thoughts about consumers' behaviour towards substitutes
hold a similar position. If a consumer's preference for the most preferred
alternative product declines or the product is currently unavailable, the
consumer is expected to choose a close substitute...
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