Explain the Economic Model of Consumer Behavior
Economic model (Marshallian model) : According to economic theory, the buyers are assumed to be rational in their decision making. They follow the law...
Economic model (Marshallian model) : According to economic theory, the buyers are assumed to be rational in their decision making. They follow the law...
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...
Characteristics of decision-making: Implies choice Mental / Intellectual activity Systematic process Sequential in nature Influenced by personal values Based on reliable information / Feedback...
The process by which a person required to make a choice from the various alternative options is referred to as decision-making. For example: From...
Psychological Factors Influencing Consumer Behavior: Psychology can help in understanding how the consumer learnt about a brand and how his memory influences his buying habits....
Personal Factors influencing Consumer Behavior:- A buyers decision also influence by personal characteristics notably the buyers’ age and life cycle stage, occupation, economic circumstance,...
Reference group:- Reference groups are the social, economic or the professional groups that have a direct and indirect influence on the person’s attitudes or...
Cultural Factors Influencing Consumer Behavior:- “Culture is everything” The reason is that there is nothing in one society which can be excluded from the...
Definition: Consumer behaviour can be defined as, “the decision making process and physical activity involved in acquiring, evaluating, using and disposing of goods and service”....
Market scenario… The times are changing with people looking for quick solutions for their hunger. There is a significant market comprising of people-on-the-move. Food habits...