CONSUMER BEHAVIOUR MODELLING: A MYTH OR HEURISTIC DEVICE?

Omotoyinbo, Charles A. and Worlu, Rowland E.K. and Ogunnaike, O.O. (2017) CONSUMER BEHAVIOUR MODELLING: A MYTH OR HEURISTIC DEVICE? Perspectives of Innovations, Economics & Business, 17 (2). pp. 101-119. ISSN 1804-0527

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Abstract

There is confusion in literature as to whether consumer behavior models are myths or heuristic devices. Myths are symbolic tales (believed as true, usually sacred) of the distant past, connected to belief systems or rituals, and may serve to direct social action and values while heuristic device is a provisional and plausible creation whose purpose is to discover the solution of a particular problem at hand. On the other hand, models are theoretical construction and simplified presentation of phenomenon. Notwithstanding the semantics in the definition and description of CB models in the literature, the crux of the matter presents two strange bed fellows: myth and heuristic device, and a number of conundrums are raised: Is it really possible to model a complex, dynamic and unpredictable entity like the consumer? Or is it just a scholarly exercise? To what extent, if necessary, can it help marketers achieve precision in understanding and predicting the customer or consumer behavior? This matter has polarized the scholarly community of marketers for decades. This conceptual paper, therefore, seeks to contribute to this discourse by undertaking an archival survey of the extant literature to look at the two sides of the coins, that is, whether CB is a myth or heuristic device. The study concludes that CB models provide a frame of reference for solving consumer problems and helping to point the way for hypothesis needed for CB theory development. This makes it a heuristic device. The implication is that consumer is at the center of all marketing programmes, scholars and practitioners should understand this and apply it successfully incorporating the views, preferences, feelings, motives and innuendoes of the consumer.

Item Type:	Article
Uncontrolled Keywords:	Consumer, behavior, models, myths, heuristic device
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions:	Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User:	Mrs Hannah Akinwumi
Date Deposited:	28 Mar 2018 08:04
Last Modified:	28 Mar 2018 08:04
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/10522

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