MODELS OF CONSUMER BEHAVIOR: A LITERATURE REVIEW

Abstract

The subject of the paper is the analysis of selected early and contemporary models of consumer behavior. Consumer behavior, as a scientific discipline created under the influence of economics, marketing and behavioral sciences, strives to provide insight into the stages of decision-making about purchase and usage of products. In the early stages of the development of the consumer behavior models, the focus was on rational consumer behavior, while with the further development of the consumer models at the end of the twentieth century, there was a shift in focus from the rational to the appreciation of the emotional aspect of consumer behavior. The paper presents the theoretical aspects of Nicosia model, Engel-Kollat-Blackwell model, Howard-Sheth model, Sheth model, Bettman model and Sheth-Newman-Gross model of consumer behavior. In addition to the theoretical aspects, an overview of papers whose authors base their research models on the presented models of consumer behavior is also given. The goal of the paper is to point out the necessity of understanding the role and importance of knowing consumer behavior as a tool that serves the purpose of successfully overcoming contemporary market challenges.