Consumer Behavior Models: Descriptive Study

Abstract

A person in charge of purchasing a product or service is called a consumer. Consumer purchasing decisions and purchase behavior are influenced by several factors. Literature sources have listed different models of consumer purchase behavior. A consumer purchase behavior model is a theory that identifies how consumer behaves and explicit consumer behavior patterns. These models explain why or how consumers make purchasing decisions. Furthermore, consumer behavioral models typically contain mathematical constructs that describe common behaviors among consumer groups. This can be understood more accurately with the help of consumer behavioral models. Consumer behavior models also predict how similar consumers will behave. In parallel, this study was developed to better understand existing consumer behavior models. Thus, this paper provides an overview of the consumer behavior model.