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Handwritten Notes, Paper 1, , Paper 2, (Management), , Soft Copy, , ₹ 100, , ₹ 300, , Hard Copy, , ₹ 150, , ₹ 450, , Call or Whatsapp for Notes : 7627096162, Note : Paper 1 includes 7 units except Comprehensions, Numerical Reasoning, and Data Interpretation because these units are practice based and theoretical, part of these units is covered in notes., For hard copies postal/courier charges are separate.

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Theories of Consumer Behavior, There are Five important theories of consumer behavior :,  Marshallian Economic Theory of Consumer Behavior,  Pavlovian Learning Theory of Consumer Behavior,  Freudian Psycho-analytical Theory of Consumer Behavior,  Veblenian Social Psychological Theory of Consumer Behavior,  Maslow’s Hierarchy of Need Theory of Consumer Behavior

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Marshallian Economic Theory, According to the Marshallian economic model, individual buyers will spend their income on goods, that will offer the greatest satisfaction, depending on their taste and the relative prices of goods., Marshal founded in his method to examine the effect of change in a single variable, for example, price, when all other variables were held constant, based on simplified assumptions. In the quest for, greater realism, Marshall "reasoned out" consequences of the provisional assumptions and modified, his assumptions in subsequent steps., The Marshallian model provides a number of useful behavioral hypotheses :,  Lower the price of a product, the greater the sales will be for that product.,  Lower the price of a substitute product is than that of a specific product, the greater the sales of, the substitute product will be.,  The sales of a product will be higher, provided it is not an inferior product, if the real income is, higher.,  Greater volumes of sales will follow as promotional expenditure is increased.

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Pavlovian Learning Theory, The well-known Pavlovian theory of learning has its origin in the experiments of the Russian, psychologist, Pavlov, who conducted his experiments by ringing a bell each time before feeding a, dog. Pavlov soon discovered that he could induce the dog to salivate by ringing the bell regardless of, whether or not food was offered to the dog. From this experiment, Pavlov could conclude that, learning occurred due to a process of association and that a large component of human behavior was, conditioned in this way., The objective of laboratory experiments was to explore phenomena such as learning, forgetting and, the ability to discriminate. The result of the research led to a stimulus-response model of human, behavior, based on four central concepts, namely drive, cue, response and reinforcement.

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Pavlovian Learning Theory, The four central concepts of the Pavlovian theory are briefly discussed below.,  Drive : In the Pavlovian learning model, drive, also referred to as "needs" or "motives", implies strong stimuli, internal to the individual, which activate action. Two types of drives are distinguished by psychologists,, namely primary physiological and learned drives.,  Cue/Stimuli : According to the model, a drive is very general and a particular response is impelled only in, relation to a particular configuration of cues. Cues are furthermore perceived as weaker stimuli in the, individual and the environment and will determine where, when, and how a subject responds.,  Response : Response implies the reaction to the configuration of the cues. It should, however, be noted that the, exact configuration of cues will not necessarily generate the same response.,  Reinforcement : A rewarding experience will result in the reinforcement of a particular response. It is, therefore implied that the tendency is formed where the same response will be repeated when the same, configuration of cues appears.

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Pavlovian Learning Theory, An example of the usefulness of the model for the marketer would be the introduction of a new, brand into a highly competitive market. The organization may attempt to form new habits for its new, brand by extinguishing existing brand habits. A challenge to the organization will be to persuade, consumers to try the new brand by deciding between using strong and weak cues., Pavlovian model offers insight in the form of guidance for advertising strategy. The model, emphasizes the repetition in advertising since a single exposure is very likely to be a weak cue,, hardly able to sufficiently arouse the individual's consciousness to inspire the drive as discussed in, the model., As closure to the value of the model offered to marketing, guidance is provided to advertising copy,, since in order to be effective, an advertisement should arouse strong drives in a person. Marketers, should therefore identify the strongest product-related drives.

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Freudian Psycho-Analytical Theory, Freudian theory further propagates that, as human beings grow, their psyche (called the id) remains, the source for strong urges and drives. Solomon adds by stating that the Id is oriented toward, immediate gratification, forming the "partly animal" portion of the brain. A second part, called the, Ego, develops into a conscious planning core where outlets for drives are uncovered, responsible for, mediating between the id and the superego. The Superego, the final concept of the model, is, responsible for the channeling of instinctive drives into socially acceptable outlets in order to avoid, the pain associated with guilt and shame, referred to by Solomon as the individual's conscience., The Freudian model has been refined a number of times. Changes include the three parts of the, psyche, where it is regarded as theoretical concepts rather than actual entities as well as the, extension of the behavioral perspective to incorporate cultural and biological mechanisms.

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Freudian Psycho-Analytical Theory, Kotler suggests that the most important marketing implication of the Freudian model that marketers, should note, is that consumers are motivated by both symbolic and economic-functional product, concerns., The importance of the model can also be viewed from a research perspective. While direct, observation and interviewing can be used to obtain more superficial characteristics., A final benefit to marketing researchers is that motivational research can offer beneficial insights, and inspiration in terms of advertising and packaging. Advertising messages aimed at deeply rooted, feelings, hopes, aspirations and fears of consumers. Such emotional appeals are often more effective, than rationally based appeals.

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Veblenian Social Psychological Theory, According to this model, man is perceived to be a so-called "social animal", where man conforms to, norms of its larger culture and to more specific standards of subcultures and face-to-face groups in, which humans operate. In essence this implies that human behavior and needs are molded by present, group memberships., Based on the theory of the model, Veblen hypothesized that, for the so-called leisure class, a great, portion of economic consumption is influenced and motivated by prestige seeking and not on needs, or satisfaction., The importance of the Veblenian model, according to Kotler, to the marketer is that, in order to, determine the demand for products, the most important social influences impacting on such product, demands should be determined. Important for the marketer to consider is the impact of different, social influences, which include social class, subculture, reference groups and face-to-face groups.

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Maslow’s Hierarchy of Need Theory, Maslow's well-known hierarchy of needs, although not classified as a model of human behavior,, provides valued input to the theory of consumer behavior, since it provides theory on the motivation, of human beings based on a hierarchy of human needs., Maslow's theory postulates five basic levels of human needs, ranging from lower-level (biogenic), needs to more important, higher-level (psychogenic) needs. Consumers, therefore, seek to first, satisfy lower-level needs before attending to higher-level needs.,  Physiological needs represent the most basic needs that are required to sustain life and include, food, clothing and shelter.,  Safety and security needs concern more than physical safety and include order, certainty and, control over the environment and own life.,  Social needs refers to needs such as friendship, love, affection, belonging and acceptance.,  Egoistic needs concerned with the individual's need for success, independence, self-acceptance, and personal satisfaction with something well done and the need for reputation, status and, prestige.,  Self actualization, implying the desire to fulfil one's potential, becoming everything an individual, is capable of becoming.

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Maslow’s Hierarchy of Need Theory, Maslow theory is useful in marketing strategy, since it provides an understanding of consumer, motivations, primarily because consumer goods often serve to satisfy each of the need levels., In addition to the above, the hierarchy offers a comprehensive framework for marketers when, developing advertising appeals for their products. The theory is adaptable in two ways, firstly, enabling marketers to focus advertising appeal is on a need level that is likely to be shared by a large, segment of the intended audience and secondly, providing input to product positioning and, repositioning., rather than viewing consumer needs as a progression to higher-level needs, marketers should, acknowledge that consumers have need priorities at different times. the importance of needs to, marketers is founded in the fact that motives for purchasing are established by needs.

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