Final answer:
Someone operating under the Marketing Concept would assume that consumers are driven by both logic and emotion, not just rational price-quality comparisons. This approach takes into account that consumers' decisions may be influenced by feelings and imperfect information, and recognizes the complex nature of consumption choices involving personal satisfaction and available information.
Step-by-step explanation:
A Marketing Concept approach to business dictates that the decisions an organization makes concerning its products and services should be guided by the preferences and behaviors of consumers. When operating under this concept, a marketer would make the assumption that consumers are driven by both logic and emotion. This perspective acknowledges that consumers don't always behave rationally and that their decisions may be influenced by various factors, such as feelings and imperfect or unclear information.
The market may witness situations where consumers infer the quality of products based on their price, due to imperfect information. This can lead to paradoxical situations where lower prices may signal lower quality, thus deterring buyers rather than attracting them. Conversely, higher prices may be misconstrued as indicating higher quality, potentially leading to more sales.
It is understood that every purchase is driven by a belief about the expected satisfaction from the product or service, which in itself is influenced by available information. Considering that for many products this information can be incomplete or ambiguous, buyers' behaviors can reflect past regrets or future purchase avoidance. This dynamic contrasts with the fundamental assumptions held by the traditional consumer theory which focused solely on rational decisions based on price and quality comparisons.