Computational Modeling of Business Decision Making Considering Irrational and Uncertain Consumer Behavior

Abstract

Historical background shows that successful business organizations adapt changing customer needs and social trends. Because consumer behavior and their decision making, influence business plans. The main objective of conducting research on consumer behavior is to understand what the needs of the consumer are and how they influence business decisions. In view of the fact that extensive, enthusiasm and delicacy of consumer behavior attract entrepreneurs as well as scholars, to disentangle the implicit details and to find out factors affecting business decision making. Priority has been given to understand various decision making models to evaluate consumer behavior and the activities performed by consumer at the time of selection of an alternative. newlineThis research thesis focuses on studying the role consumer behavior in business decision making process. This study shows how the consumer behavior changes when they faced uncertain situation, effect of irrational consumer behavior, consumer preference and the consumer decision making process in different environments. It also helps to study the intentions of the consumers which will help the marketers and business organizations to understand various dimensions of business strategy. newlineIn this competitive world, it is necessary for business organizations to generate benefits through customers, by correctly identifying the data that are provided by the customers. By representing the consumers objectives or goals, the business enterprise can take accurate decisions which are beneficial for both the customer and organization. Data or information that represents consumer goals is customer views, reactions, and experiences on a variety of products and services that are available in the market. This is accomplished through the following research objectives: newline Our research broadly focuses on understanding and modeling consumer behavior through decision making that have a positive impact on society by improving the quality of life. newline The primary objective of this research is to de