Consumer Behavior Theories

This book focuses on a new type of inclusive consumer decision-making process model (CDM) related to new leading-edge consumers. There have been two main types of CDMs for consumer behavior: one is the stimulus–response model and the other is the information-processing model. The stimulus–response model is applicable when consumers buy low-involvement products, and the information-processing model applies for high-involvement products. Thus consumers’ decision making depends on the involvement level for the products.

Maximize Sales; Understand Buyers: Consumer Marketing Psychology, Decision-Making, Emotional Triggers, Persuasive Sales

This book provides an overview of behavioral decision theory and related research findings. In brief, behavioral decision theory is a general term for descriptive theories to explain the psychological knowledge related to decision-making behavior. It is called a theory, but actually it is a combination of various psychological theories, for which axiomatic systems, such as the utility theory widely used in economics, have not been established; it is often limited to qualitative knowledge.

Over the past few decades marketing practices have shifted with the sudden growth of social media and the proliferation of devices, platforms, and applications. This rapidly changing environment presents new opportunities and challenges for marketers, who need to stay up to date with the development of e-marketing.

Sharing business models have been rapidly growing over the past decade. The general idea behind these platforms is that they offer consumers temporary access to (underutilized) products instead of ownership, which is mediated by the Internet. Apart from its economic relevance, the Sharing Economy is of particular interest to researchers, as prior studies have shown that the Sharing Economy seems to fundamentally change consumers´ consumption patterns.