Models of consumer behaviors

Knowing about the psychology of the customer’s behavior while buying goods will give a business insight on how the customers perceive their brand. The economic model of consumer behavior This model of consumer behavior assumes that the buying pattern of a consumer is based on the idea of hoping to get the most from a commodity while at the same time using the minimum cost on the item. This model uses economic indicators such as the purchasing power of the consumer and the prices of competitive products to predict consumer behavior (Paine,2018). In the economic model, a customer would prefer buying a product that is lower in price but with equal benefits. Therefore, in other words the model emphasizes on buying a product as per purchasing power.

By looking at different levels of Maslow's hierarchy of needs, one can identify the priority of the consumers in making decisions. Convincing buyers to buy basic commodities such as food and drinks is a lot easier than selling items such as jewelry and other prestigious things. The need to satisfy basic needs comes naturally as everyone needs them(Mishra,2019). Each level of the Maslow hierarchy requires particular goods and services to satisfy the needs. Different consumers are at a different level in the hierarchy and will, therefore, make different choices of consumption based on the particular level they are on the ladder. A business should use the input of the Psychoanalytic model in creating brand images. The image that a brand uses should give the consumer a wish to consume the product and at the same time bring a kind of fantasy that will make the customer have a desire to buy the product(Neese,2018).

The marketers can use the model to appeal to the senses of the customers and draw them towards their products against those of the other competitors. Sociological model of consumer behavior The model views the customers as a part of society and as member of different groups in the society. According to the model the buying behavior of a consumer is influenced by the many groups he or she is a member of. The model suggests that societal norms and cultures have a wide influence on the consuming habits of buyers and they also have a greater impact on an individual consumption behavior than the other economic and psychological factors. Howard Sheth Model of Consumer Behavior The model is a complicated integration of the social, marketing and psychological influences of a consumer choice into a sequence of processed information.

The model produces an empirical workable picture of consumer behaviors and outcomes. It identifies a complete process that dictates the choice of the consumer(Francis,2014). First, are inputs in the system which comes in the form of stimuli that will influence a consumer. Conclusion Decision making is a complex process for a customer and can be affected by a number of factors. The models of consumer behavior discuss these factors which can be economical as identified in the models. They also focus on the financial status of a customer and their willingness to buy a product. Psychological and social factors also have an effect on the kind of decision that the buyer makes. Howard Sheith discusses a combination of the social, economic and psychological factors while at the same time adds variables that are likely to impact the customers' choice of a product.