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A model a is simplified version of reality, it has never been reality, it isnt reality and it will never be reality... are subject to criticism oh and if we are a bit postmodern, we could ask, what is reality therefore all models
Objectives
At the end of this session, you should be able to Understand the concept of modelling within consumer behavior studies; Evaluate the applicability of traditional models of consumer behaviour; Evaluate the applicability of contemporary models of consumer behaviour. Understand the main components of the assignment
Decision-making models Problem identification models Fishbein and Ajzens Behavioural Intention model Fritz Heider Balance Theory E.Rogers adoption and diffusion of innovations Image congruency theory Information processing
DESCRIBE
EXPLAIN
PREDEICT
CONTROL
Ao= =biei
Ao =the persons overall attitude towards the object bi= the strength of his belief that the object is related to attribute I (e.g. ASDA is good value for money) ei=his evaluation or intensity of feelings (liking or disliking) toward attribute i n= the number of relevant beliefs for that person
Types of models
4. The additional satisfaction of a unit that is bought after the first purchase will be less than the first purchases marginal satisfaction 5. Price is key 6. Consumers rational Macroeconomics(from Loudon and Della (from Loudon and DellaBitta Bitta, 1993) , Looks at the overall economy; the value of goods; fromthese conclusions are drawn about consumers behavior influencing these flows Relative income hypothesis: how much is spent it not solely determined by income but is influenced by peers Permanent income hypotheses: consumers determine how much to spend based on a perceived average of what can be consumed and not only on income Consumers behaviour is not taken into account
Behavioural economics(from Loudon and Della (from Loudon and DellaBitta Bitta, 1993) , George Katona introduces the need to look at psychological influences guiding consumers behaviour: behavioural economics Consumers will purchase products when they have confidence in the economy (consumer sentiment
Psychological process
Consumer sentiment
Economic behaviour