Explain the 6 contemporary models of consumer behavior; Andreason Model, The Engel – Kollat – Blackwell Model (EKB), The Howard – Sheth model, Sheth – Family decision making model, Bettman’s Information Processing Model of Consumer Choice and Sheth – Newman – Gross Model of Consumption Values
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Explain the 6 contemporary models of
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- Say for example your consumer is a middle-aged lady named Beatrice. She has been married to her husband John for 15 years. They have 2 children, and they all reside in the same household together. They are both working and receive an average income every month.This scenario describes one of the five (5) basic stages of the traditional household life cycle. Name all five (5) stages of the traditional household life cycle in the correct order. Indicate the current stage that Beatrice and John are in AND the current stage your consumer is in.Explain the 5 traditional models of consumer behavior ;Marshallian ( economic ) model, Pavlovian ( Learning ) model, Freudian ( psychoanalytic ) model, Veblenian ( social ) model and Hobbesian ( organizational) modelExplain the stages of the consumer decision process model .
- What is the problem in Kotler's Black Box Model of Consumer Behavior?How might an understanding of consumer behaviour theory be used by those seeking to encourage consumers to make more ethical and sustainable choices when making purchase/consumption decisionsIs impulse buying and stress eating correlated or the same?
- Discuss how actual consumer choice often differsfrom rational choice theory.Define Consumer Behavior and how it is different from Consumption Behaviour. Distinguish between the two.Consumer behavior models provide important insights about consumer decision making process. But as you all know that the consumer behavior is very dynamic and keeps on evolving, the explanation provided by these models is limited in nature and cannot explain all the factors influencing the behavior. The panic caused by Covid-19 pandemic cannot be accounted for by any model and this will result in behavioral shift of consumers." a. Do you agree with this statement? Discuss with help of any consumer decision model of your choice. b. What elements would you like to introduce in the model of your choice to account for covid-19 driven panic and the highly probable behavioral shift?