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January 6, 2018 at 5:16 am #16343amandeep kathuriaMember
Models of Consumer BehaviorJanuary 6, 2018 at 5:29 am #16344amandeep kathuriaMember
1) Theory of Reasoned Action- It is created by Martin Fishbein and Icek Ajzen in the late 1960s. It focuses on the pre-existing attitudes of a consumer in a decision-making process. In this analysis, consumers are rational actors who choose to act in their best interests. In this theory, it is seen that consumer only takes a specific action when there is an equally specific result expected. From the time the consumer decides to act to the time the action is completed, the consumer retains the ability to change his or her mind and decide on a different course of action. Marketers must associate the product with a positive result. For instance, Axe body spray linked its product with women.
2) Engel, Kollet, Blackwell Model- It is the extension of the theory of reasoned action. In this theory, there is five-step which consumer uses in decision-making process.
- The first step, Consumer absorbs what marketing material they see on Televisions, Newspaper etc.
- Consumer collects the data.
- Then the consumer moves into information processing.
- Consumer compares it with past performance and expectations.
- Consumers move to the decision-making stage after a period of thought, choosing to make a purchase based on rational insight.
In this process of decision making, consumers are highly affected by external forces. In this model, marketers influence the consumer most in two periods. First when they absorb marketing material and second when there is an external phase.
3) Motivation-Need Model- Abraham Maslow put forward his hierarchy of needs in 1943. According to this theory, people satisfy their needs according to five priority system. First, they satisfy their physiological needs than safety then love then esteem and in the end self-actualization.
Consumers are motivated to prioritize purchases toward the base of the hierarchy, so it is vital that companies draft a message that instills a sense of need or urgency in consumers.
4) Hawking Stern Impulse Buying- Many of the models focused on rationale action of the consumer while Hawking focused heavily on impulse action. Impulse purchases are driven largely by external stimuli, and have almost no relationship to traditional decision-making. In this theory, Stern established four categories.
- Purely impulse buying.
- Consumers make reminded impulse buys.
- Suggested impulse purchases.
- The consumer makes planned impulse decisions.
In this model, marketers are presented with so many opportunities. Right from the packaging to other attributes of the product has an impact on the consumer’s impulse control.
Consumer behavior models predict how consumers make purchasing decisions and show marketers how best to capitalize on predictable behaviors.
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