Browse MBAs SECTION 4: Managerial Economics

The Consumer Choice Explainer

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The Consumer Choice Explainer

Explain how my target customers actually make this purchase decision,
economically and behaviourally.

Product: [DESCRIBE]
Customer: [DESCRIBE]
The purchase context: [DESCRIBE — CONSIDERED VS IMPULSE, WHO DECIDES]

Cover:
1. The value/utility the customer is really buying (jobs to be done)
2. The trade-offs and budget constraints they weigh
3. The substitutes and reference points that anchor their sense of price
4. The behavioural quirks at play (loss aversion, defaults, framing)
5. What this implies for how I price, present, and sell

Blend the rational-economics and behavioural views — real customers use
both.

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