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Compare and contrast the economic, passive, cognitive, and emotional models of consumer decision making. Provide an example for each.
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- Based on "Understanding Buyer Behavior'' and “Core concepts of marketing” -What are the differences between the consumer decision-making process and organizational Decision-making process? (Write the answer in 500 words).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?Consider a recent relatively major purchase you have made (e.g. a durable good or luxury item), state what it was, and then answer : What was your motive for purchasing the product? Why did you choose that particular brand? To what extent is your decision process explained by the Consumer Decision-making Process? Justify any deviations with clarity and explain in detail with relevant examples
- Nike would like to increase its share of the athletic shoe market. Define the management- decision problem.What strategies can companies use to overcome consumer hesitation and address purchase barriers during the decision-making process?Consider a recent relatively major purchase you have made (e.g. a durable good or luxury item), state what it was, and then answer: What was your motive for purchasing the product? Explain in detail why did you choose that particular brand? To what extent is your decision process explained by the Consumer Decision-making Process? Justify any deviations in details with relevant examples.