Literature Review On Consumer Decision Making

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REVIEW OF LITERATURE Consumer decision making process has long significant interest to researchers. Beginning about 300 years’ back early economist analysts, led by(Nicholas Bernoulli John von Neumann & Oskar Morgenstern), begun to analyze the principle of consumer decision making. (Richarme 2007) This early work moved toward the subject from an economic viewpoint, and concentrated exclusively on the demonstration of purchasing behavior. (Loudon & Della Bitta 1993) The most predominant model from this viewpoint is 'Utility Theory' which proposes that consumers settle on decisions based on the expected out comes of their decisions. Consumers are seen as rational decision makers who are just worried with self-intrigue. (Schiffman & Kanuk 2007,…show more content…
These activities commonly include; need recognition, information search, and evaluation of alternatives, the building of purchase intention and the act of purchasing, consumption and finally disposal. This more total perspective of consumer behavior has developed through various discernable stages over the previous century in light of new research philosophies and paradigmatic methodologies being adopted. There are a few of them who still support the five step consumer decision making model while others contradict. While this development has been persistent, it is just since the 1950's that the thought of customer behavior has reacted to the origination and development of present day showcasing to incorporate the more all-encompassing scope of exercises that effect upon the consumer choice.(Blackwell, Miniard et al. 2001)This is evident in contemporary implications of customer conduct "Consumer behavior… the investigation of the procedures included when people or groups select, buy, utilize or discard products, services, thoughts or encounters to fulfill needs and objectives"…show more content…
Firstly, analytical models which give a classification of the key components that are implied to clarify the behavior of buyers. These models recognize a plenty of impacting variables, and expedient the wide connections between components in consumer decision making. Because of their endless degree such models are frequently marked the "grand models" (Kassarjian 1982).Normally they have a tendency to follow the traditional five step classification outlining problem recognition, information search, alternative evaluation, and choice and consequence evaluation as the key stages in consumer decision processes (Erasmus, Boshoff et al. 2001, and Schiffman&

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