The application of consumer behaviour theory in the practice of Marketing

The application of consumer behaviour theory in the practice of Marketing Essay example
Masters
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Marketing
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The application of consumer behaviour theory in the practice of marketing Introduction Consumer behaviour is a broad management concept that addresses various stages a consumer goes through before they make a product/service purchase for their end use. The concept of consumer behaviour is influenced by the elements of psychology, sociology, and economics…

Introduction

Consumer behaviour is an effective approach to analyse the decision making process of consumers individually and in groups. This concept gives particular focus to individual consumer characteristics including demographics and behavioural variables in order to identify consumers’ needs. This paper will discuss the application of consumer behaviour theories in the practice of marketing. For this purpose, the paper will consider two theories including Maslow’s hierarchy of needs and Noel’s consumer behaviour model. Maslow’s Hierarchy of Needs Maslow’s hierarchy of needs is a psychological approach developed by Abraham Maslow in his paper ‘A Theory of Human Motivation’ published in 1943. When human behaviour is influenced by culture, family background, and other relationships, consumer behaviour is shaped by different needs. Maslow’s hierarchy of needs gives a basic framework to evaluate why a consumer makes a particular purchase decision. The visual representation of the Maslow’s model is given below. (Source: Sorensen, n.d.) The Maslow’s model suggests that unmet need is the fundamental motivation for people’s every action. In addition, individuals try to meet their needs and desires in a particular hierarchy. ...
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