The paper "Gold Consumer Buying Behavior" is a great example of a marketing case study. The consumer is a king in the market. As such, each consumer is characterized by dissimilar buying behavior displayed during the purchase of different products. Human behaviors are thought to be enormously varied and obscurely motivated that individuals are despaired of finding a valid description of predicting consumers thought. Whereas gold is a precious metal that received significant value from divergent consumers, some factors affect the consumer purchase behaviors in various constructs. Jewellery is a wide field to study upon given the divergent aspects associated with it.
Consumer buying behaviors have significantly changed in the past few years, given that consumers are better informed about numerous choices to make. Gold’ s consumer buying behavior, this paper confronts, is influenced by some factors. Whereas the utility theory views consumers as a rational economic man, the present research integrates a wide range of aspects that define consumer behavior by acknowledging a wider range of assumptions. Cognitive Model As opposed to the attributes of the classical behavioralism, the cognitive approach presents observed actions to interpersonal cognition, where the individual is considered as an information processor.
Evidently, the theory suggests that the cognitive approach integrates behaviorism as a prevalent approach to decision research. Whereas various distinct branches are evidenced, they share significant values and mental structure ascribed in response and stimulus. Despite various criticisms, the cognitive approach is well suited for examining ethical business approach. Nevertheless, some models can be obtained from the cognitive approach as shown in the diagram below. Source: Moital 2007 Theory of Buyer Behavior The theory offers sophisticated incorporation of psychological, social and marketing effects on consumer choices into a coherent sequence of processing information.
Its fundamental architecture is highlighted below; Input variables are simply the environmental stimuli that consumers are subjected to, which can be communicated from divergent sources. Consumer Decision Model The model is based on seven key elements of decision process namely; need recognition; information search; evaluation of alternatives, purchase, post-purchase reflection and divestment. The decision is influenced by two factors; where stimuli which are received and processed and external variables such as environmental influences. Source: Blackwell, 2001 Consumer behaviors research is perhaps the most multifaceted subject which attempts to understand the consumer decision-making process; both collectively and individually.
Sultana, Siddique & Islam (2015 affirms that consumer buying behaviors allow for an improved understanding and forecasting on subjects of purchase. In this respect, the stimulus-response model, otherwise known as the black box model attempt to show how the decision process, consumer characteristics, stimuli and consumer responses are linked. Evidently, the stimulus can be distinguished between intrapersonal and interpersonal stimuli (Claiborne & Sirgy 2015). The black box model is presumably related to the black box theory of behaviorism, which focuses on the relationship between consumer responses and stimuli (Claiborne & Sirgy 2015).
Environmental stimuli are generated by social a factor that is linked to the political, economic and cultural dimensions of a given society. The buyer’ s black box integrates the buyer’ s characteristics and the decision-making process which showcases the buyer’ s responsibility. The model above showcases that marketing and external stimuli enter the consumers “ black box” and produce certain responses. The marketing objectives for most products are aimed at discovering what the consumer thinks about the product.
The consumer’ s characteristics affect their stimuli; where the decision making process dictates the consumer’ s buying behavior.
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