The concepts of mental accounting, prospect theory, and perceived risk all remind a marketer that the customer's perception is more important than an objective reality when trying to understand consumer behavior.

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These concepts all suggest that consumers make decisions based on their own personal perceptions and interpretations, rather than an objective reality. Therefore, it is important for marketers to consider the customer's perspective when trying to understand and influence consumer behavior.

The Concepts of Mental Accounting, Prospect Theory, and Perceived Risk