Economic Man Approach to Consumer Behaviour

The economic man approach to consumer behaviour perceives consumers to be highly rational and adequate engaging in economic transactions in a beneficial manner for self-interest (Tyagi, 2004). According to this principle consumer rational behaviour includes being aware of all alternative options, as well as, having knowledge of advantages and disadvantages associated with each option (Kahle and Close, 2006).

Blackwell et al. (2006) adopt a sceptical approach to the level of applicability of economic man theory in today’s marketplace in practical levels arguing that nowadays consumers are more tempted to make ‘irrational’ purchase decisions due to the highly sophisticating levels of marketing strategies.

References 

Blackwell, R., Miniard, P. and Engel, J. (2006) “Consumer behavior”, Mason: Thompson

Kahle L.R. and Close, A. (2006) “Consumer Behaviour Knowledge for Effective Sports and Event Marketing”, Taylor & Francis, New York, USA

Tyagi, C. and Kumar, A. (2004) “Consumer Behaviour”, Atlantic Publishers, US