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Consumer Behaviour and Research
Pages 6 (1506 words)
Name: Course: Date: Consumer Behavior and Research Question 1 The need to satisfy human wants has been present ever since the origin of man. While the desire to fulfill a certain need could be rife, the process of obtaining the necessary product or service is normally complex, owing to the existence of a variety products and services that can fulfill the need, or the shortage of the resources that an individual has at his/her disposal…
Notably, theories of consumer behavior have been widely developed since 1800 to present day, with subsequent theories improving and expanding the previous ones. The development in the theories of buyer behavior took an upward trend starting 1950, with many researchers keenly engaging in the evaluation of the factors that influences the consumption behavior in individuals (Hansen, 1972 p13). The consumer behavior theories that have been subsequently developed include: Herbert Simon's satisficing life theory While the legendary utility theory had presented man as a rational being, capable of making informed and accurate decisions to maximize, his utility whenever possible, a different theory was developed by Herbert Simon in 1956, known as the satisficing life theory (Engel, Kollat & Blackwell, 1968 p7). In his theory, Herbert Simon observed that man cannot fully optimize the utility of products and services, owing to their inability to evaluate all the possible outcomes, with ultimate precision. ...
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