Week 8: Models of Consumer Policy

 Assalamualaikum w.b.t, 

   This post will be my reflection on the 8th week of classes of MKTG 4312 (Responsible Consumerism). There are 2 parts to the chapter and the first part is the vicious circle of growth. Circle of growth refers to a complex chain of events that reinforce themselves through a feedback loop. The vicious circle of growth leads to negative results while the virtuous cycle of growth leads to positive results. To better understand the concept, please refer to the picture below. The picture below illustrates the vicious and virtuous cycle of financing SDGs in developing countries. 

Source: OECDiLibrary 

   The next part of the chapter is on the theory of consumption. The theory of consumption talks about consumer choice behavior as shown below. Consumer choice behavior dictates why customers will choose to consume a certain good or service. Some values of consumer choice behavior are functional values, conditional values, social values, and emotional values. 

Thank you for reading. Comment down below on whether the vicious or virtuous cycle of growth applies to your life.