Psychological Models -How consumers choose businesses, products and services. -The thought processes and emotions behind consumer decisions. -How environmental variables such as friends, family, media and culture influence buying decisions. -What motivates people to choose one product over another. -How personal factors and individual difference affect people's buying choices. -What marketers can do to effectively reach out to their target customers.
Sociological Models -Individual is a Part of the Society & Various Groups -Buying Behavior of an Individual is Influenced by these Groups -Primary Groups like Family, Friends and Close Associates exert the Maximum Influence -Informal Opinion Leader Influences the Life-Style and Buying Behavior of an Individual -Individual depicts the role to conform the style and behavior pattern of his/ her social class
Economic Models -Synthesized by Alfred Marshall based on the Theory of Marginal Utility and Micro-Economic Theory. -The focus is on the “Act of Purchase” of and “Average Consumer.” -Explains “What” a consumer would purchase and “In what quantity.”
Stimulus Response Models -Composite models taking into account a variety of factors including stimuli from marketing.