Advertisement The behaviour of retail shoppers is a subject of study across the world. The basic difference however Continues to be the maturity of markets and formats. While retail I in the West has evolved in terms of formats over the past hundred years, organised retail in India...
An investor is surrounded by many factors in his consideration of making investments. He is interested in minimizing risk and maximizing returns. He is also interested in liquidity safety and security of his investments. Thus, while buying a security, the investor has the primary purpose of the gain....
Purchase Decision: The final purchase will, however depends on the strength of the positive intention that is the intention to buy. For example, a housewife, after arousal of her interest in washing machines, she will compare the stock of information she has accumulated about the different washing machines...
Information search: After need arousal, the consumer tries to solve it & gathers the sources and information about product. If the need is more intense, the individual enters a state of active information search &he tries to collect more information about the product, its key attributes...
Need recognition: A buying process starts with need arousal. A need can be activated through internal or external stimuli for example, communication, transportation, hunger, sleep etc. A need can be aroused by an external stimulus such as the sight of new product in a shop while purchasing...
Buying decision process:- It can be define as “The series of logical stages a prospective purchase goes through when faced with a buying problem”. Generally, the purchaser passes through five distinct stages in taking decision for purchasing a particular commodity. These stages are: Need arousal / recognition Information...
Schiffman & Kanuk’s model of consumer decision-making: This model is related to the problem solving consumer & to some extent the emotional consumer model. This model is made up of three major components: Input Process Output
Model of family decision making: This model depicts how family members interact with each other in the context of their consumer decision making. The various family member play different roles, these roles are: Influencers Gate-keepers Deciders Buyers Preparers Users
Decision-Making Models: Models which help in understanding the consumer behaviour are: Economic model Psychological model Pavlovian model Sociological model Howard-sheth model Engel-Black well-kollat model Model of family Decision making Nicosia model Schiffman and kanuk’s model of consumer decision making.
Characteristics of decision-making: Implies choice Mental / Intellectual activity Systematic process Sequential in nature Influenced by personal values Based on reliable information / Feedback Goal oriented process Situation based activity.
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