What is the consumer behavior theory?

Answer by  BobSmithpwns (165)

Behavioral economics is a branch of economic theory that focuses on cognitive and emotional aspects for understanding economic decision making of groups and individuals that relates to economic occurrences such as producing, distributing, and consumption of goods and services. Behavioral economics uses a lot of psychology and sociology in studying economics.

Answer by  fhahghag (190)

It basically states that consumers will keep buying even if the economy is low or high. This is the nature of consumer behavior.

Answer by  nicolesellsmk (38)

The consumer behavior theory is based on the idea of supply and demand. If you pay attention to the purchasing of people, you can predict future purchases.