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Abstract
The Paper Examine the issue of Irrational Influences Purchase Behavior. A framework has been developed principally based the results of research paper.
Keywords: Irrational Influences, Consumer Purchase Decision, Psychosocial cues, Attention and Memory related constraints, over processing, under processing, Debiasing Procedures.
Introduction
Marketing in todayg competitive business environment is continuously in transition process to achieve its primary objective i.e. establishing an everlasting and symbiotic exchange relationship between company and the customer. Marketing is no longer just day-to-day tactics; it involves strategic decisions as well. Marketers are now also responsible for directing the organizations in creating and sustaining competitive advantage and help organizations achieve long-term profitability. Marketer is no more only an implementer but a maker of organizational strategy and this gave birth to the new dimension of marketing-strategic MarketingQ Marketing strategy is all about how best to navigate the turbulent business environment profitably. However, Globalization, Liberalization, Privatization and rapid stride made by information technology have increased marketing complexities and made market more turbulent. Thus, an effective strategy for survival and growth of industry is the requirement of the hour in this competitive business environment. And in this changing environment, a marketing strategy, which is based on the concepts of consumer behavior, can only be successful. Indeed consumer behavior is of critical importance to marketing strategy. Consumer behavior is the study of human responses to products and the marketing of products. The study of consumer behavior undoubtedly gives marketing a scientific dimension. Consumer is the king and every marketing action should revolve around her. Hence consumer behavior is of pivotal importance for formulating any marketing strategy. Consumer purchase decision is quite a complex process. Napoleon-I quotes: [JMothing is more difficult, and therefore more precious than to be able to decideQ
Irrational influences on consumer purchase behavior (CPB)
Consumer purchase behavior is based on consumer perception, which is no doubt anchored in reality but can also be affected by various psychosocial cues. Thus, in order to be an effective and efficient marketing professional, one should understand these cues & their effects which will lead to better marketing tactics. Itamal Simonson (1993, p.80) in a classic paper on the managerial significance of behavioral decision theory concludes: [Jn some situations, consumers do have clear and strong...