MODELS OF CONSUMER DECISION-MAKING, HIGHLIGHTING ASPECTS APPLICABLE TO FINANCIAL SERVICES AND THOSE REQUIRING ADAPTATION.
DOI:
https://doi.org/10.47820/recima21.v2i1.80Keywords:
Financial services; Buyer behavior of the consumer decision-making model; Marketing Strategy for Consumers.Abstract
It is recognized that the existing theories on Consumer Decision Making Models (MTDC) are not suitable for financial services and there have been calls for the development of a new conceptual model. This article looks at prominent MTDC models and identifies strengths and limitations. A new conceptual model applicable to financial services is developed. An important element of the model is the recognition that the components interact rather than a consumer after linear progression through a series of stages. The new model better reflects the iterative decision-making process relevant to financial services and improves marketers' understanding of the process and therefore their ability to influence it to increase the likelihood of positive results for everyone.
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