MICE

• Businesses aim to understand buyer behavior through customer behavior analysis, which involves the qualitative and quantitative analysis of a target market.
• Philip Kotler, one of the foremost experts on marketing, proposed a model of consumer behavior that consists of five stages.
• LEARNING MODEL OF CONSUMER BEHAVIOR - Buyers are driven to satisfy basic needs required for survival, like food, and needs learned from lived experiences, like fear or guilt.
• PSYCHOANALYTICAL MODEL OF CONSUMER BEHAVIOR - Individual consumers have deep-rooted motivates, both conscious and unconscious, that drive them to make a purchase.
• Sigmund Freud is the father of psychoanalysis. The psychoanalytical model draws from his theories and says that individual consumers have deep-rooted motives, both conscious and unconscious, that drive them to make a purchase.
• SOCIOLOGICAL MODEL OF CONSUMER BEHAVIOR - Purchases are influenced by an individual’s place within different societal groups: family, friends, and workgroups.
• ECONOMIC MODEL OF CONSUMER BEHAVIOR - Consumers try to meet their needs while spending as few resources (e.g. money) as possible.