What are the four theories of consumer behaviour?
1. Psychological influences
(Maslow’s Hierarchy of Needs)
Consists of 5 different things on the pyramid - Self Actualization, Esteem Needs, Love needs, safety need, physiological needs.
2. Social Influences
The actions of a person that are influenced by a group, society, brand or person.
3.Economic Influences
When a business or product is affected by different economical factors.
4. Stimulus Influence
The process the buyer goes through to make the purchase.
5.Role of Marketing
To develop products that satisfy needs, wants, and are pleasing visually. Able to defeat other competitors with lower prices and higher quality.