COMM 300: Models and theories
From BluWiki
UVA Notes > COMM 300 > COMM 300: Marketing > COMM 300: Models and theories
Contents |
Deterministic models & theories
Ecomic model
- Stimilus: change in price
- Response: quantity demanded
- Assumption: consumers are rational
- Hold everything else constant
Behavioral
- Stimilus: generally thoguht of as need deprivation
- Response: A random response. As alternatives are tried, the most satisified is choosen
- Assumption: Every customer looks to satisfy needs
- Examples:
- Engel Kollat & Blackwell (on last page of handout)
- Howard Sheth model (second to last page)
Stochastic models & theories
- Every consumer choice is random
