Course Description
An examination of people as imperfect decision makers from sociological and psychological perspectives and how their decisions depart from perfection or rationality in systematic and predictable ways. By understanding these limitations, we also can identify strategies to make better and more effective decisions.
Athena Title
Consumer Decision Making
Equivalent Courses
Not open to students with credit in FHCE 3100
Non-Traditional Format
This course will be taught 95% or more online
Semester Course Offered
Offered fall and spring
Grading System
A - F (Traditional)
Course Objectives
Students in this course develop the skills necessary to: 1) Understand the systematic biases that affect our judgement and decision making and the theories that help us make sense of these biases. 2) Identify the ways in which policies, choices, habits, and socialization can influence the quality of decisions and inform strategies for better decision making. 3) Be able to consider the impact economic, psychological, sociological, and marketing perspectives have on consumer decision making. 4) Be able to understand the challenges of consumer decision making and the reasons that consumers are not always rational decision makers. 5) Develop an appreciation for the influence of marketing strategies, advertising, culture, norms, social comparisons, and psychological influences have on consumer decision making.
Topical Outline
Perspectives and Background on Consumer Decision Making: Economic, Sociological, Psychological, and Marketing Consumers In a Changing World The Consumer Movement—Past-Present-Future Theories That Drive Consumer Decision Making Consumer Responsibilities in the Marketplace Government Protection for Consumers and Firms in the Marketplace The Rational Decision Maker and the Concept of Bounded Rationality Health and Wellness Issues for Consumers Consumer Safety in the Marketplace—Warranties, Scams, Fraud The Psychological Biases in Decision Making The Buying Process, Including Marketing Strategies, Brands, and Product Development Advertising and its Impact on Consumer Decision Making Housing and Automobile Decision Making in the Marketplace Decision Making Under Uncertainty Food and Beverage Decisions Risk Management—Insurance Categories Investment Issues—Long Term Decision-Making Strategies The Role of Choice Environment Saving, Banking, Debt, and Credit Decision Making The Impact of Media Presence on Consumer Decision Making The Role of Social Structure Strategies for Improved Decision Making
Syllabus