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Peak–end rule. The peak–end rule is a psychological heuristic in which people judge an experience largely based on how they felt at its peak (i.e., its most intense point) and at its end, rather than based on the total sum or average of every moment of the experience. The effect occurs regardless of whether the experience is pleasant or ...
In social psychology, reciprocity is a social norm of responding to a positive action with another positive action, rewarding kind actions. As a social construct, reciprocity means that in response to friendly actions, people are frequently much nicer and much more cooperative than predicted by the self-interest model; conversely, in response to hostile actions they are frequently much more ...
Social exchange theory is a sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits. The theory also involves economic relationships—the cost-benefit analysis occurs when each party has goods that the other parties value. [ 1]
Need theory. Need theory, also known as Three needs theory, [1] proposed by psychologist David McClelland, is a motivational model that attempts to explain how the needs for achievement, affiliation, and power affect the actions of people from a managerial context. This model was developed in the 1960s, [2] two decades after Maslow's hierarchy ...
Attribution (psychology) Attribution is a term used in psychology which deals with how individuals perceive the causes of everyday experience, as being either external or internal. Models to explain this process are called Attribution theory. [1]
Normative social influence is a type of social influence that leads to conformity. It is defined in social psychology as "...the influence of other people that leads us to conform in order to be liked and accepted by them." [1] The power of normative social influence stems from the human identity as a social being, with a need for companionship ...
A community of practice (CoP) is a group of people who "share a concern or a passion for something they do and learn how to do it better as they interact regularly". [1] The concept was first proposed by cognitive anthropologist Jean Lave and educational theorist Etienne Wenger in their 1991 book Situated Learning (Lave & Wenger 1991).
Consumer value is used to describe a consumer's strong relative preference for certain subjectively evaluated product or service attributes.. The construct of consumer value has widely been considered to play a significant role in the success, competitive advantage and long-term success of a business, and is the basis of all marketing activities.