Models of Individual Behavior Essay

10000 Words Feb 5th, 2014 40 Pages
Jeff Bray

Consumer Behaviour Theory: Approaches and Models

Consumer Behaviour Theory: Approaches and Models...............................................2 1.1 Consumer behaviour & consumer decision making ............................................2 1.2 Theoretical approaches to the study of consumer behaviour..............................3 1.3 Economic Man .....................................................................................................4 1.4 Psychodynamic Approach ...................................................................................4 1.5 Behaviourist Approach ........................................................................................5 1.6 Cognitive Approach
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..................................................20 Figure 1.7: Theory of Reasoned Action......................................................................21 Figure 1.8: Theory of Planned Behaviour....................................................................22 Figure 1.9: Theory of Trying ......................................................................................27 Figure 1.10: Model of Goal-Directed Behaviour........................................................28

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Jeff Bray

Consumer Behaviour Theory: Approaches and Models

Consumer Behaviour Theory: Approaches and Models

1.1 Consumer behaviour & consumer decision making
Consumer decision making has long been of interest to researchers. Beginning about 300 years ago early economists, led by Nicholas Bernoulli, John von Neumann and Oskar Morgenstern, started to examine the basis of consumer decision making (Richarme 2007). This early work approached the topic from an economic perspective, and focused solely on the act of purchase (Loudon ANDDella Bitta 1993). The most prevalent model from this perspective is ‘Utility Theory’ which proposes that consumers make choices based on the expected outcomes of their decisions. Consumers are viewed as rational decision makers who are only concerned with self interest (Schiffman ANDKanuk 2007, Zinkhan

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