Mention two different approaches which explain consumer behaviour?

Question: Mention two different approaches which explain consumer behaviour?

There are two main approaches to explaining consumer behavior:

1. The cognitive approach: This approach focuses on how consumers process information and make decisions. It suggests that consumers are rational decision-makers who carefully evaluate all available information before making a purchase. This approach assumes that consumers have certain beliefs, attitudes, and values that influence their behavior.

2. The behavioral approach: This approach emphasizes the role of external factors, such as social and cultural influences, in shaping consumer behavior. It suggests that consumers are influenced by factors such as family, friends, and media, as well as their own past experiences and habits. This approach assumes that consumers may not always be fully aware of why they make certain choices, and that their behavior may be driven by unconscious motivations.

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