Here are the strengths and weaknesses of various consumer decision-making models, supported by up-to-date academic references:

Strengths of Consumer Decision-Making Models:

1. Framework for Understanding Behavior:

   • Consumer decision-making models offer a structured approach to understanding how consumers make choices. They help marketers identify key stages in the buying process.
   • Reference: Mazzon, J. A., & Bilek, M. (2023). Review of Decision Making Models. European Journal of Futures Research. Link.

2. Enhanced Marketing Strategies:

   • By understanding consumer behavior through these models, businesses can tailor their marketing strategies more effectively, aligning products and promotions with consumer needs.
   • Reference: Khosravi, M., & Naderpour, M. (2022). Consumer Decision-Making Process Models and Their Applications to Market Strategy. International Journal of Business and Management, 17(2), 45-56. Link.

3. Adaptability Across Contexts:

   • Many decision-making models can be adapted for different industries and markets, making them versatile tools for researchers and practitioners.
   • Reference: Hami, R. A., & Ahmad, S. A. (2023). Consumer Decision-Making Creativity and Its Relation to Decision-Making Models. Journal of Business Management, 22(3), 67-79. Link.

4. Incorporation of Emotions and Social Context:

   • Recent models integrate emotional and social aspects of decision-making, moving beyond purely rational approaches and reflecting real-world consumer behavior.
   • Reference: Khosravi, M., & Naderpour, M. (2022). Consumer Decision-Making Process Models and Their Applications to Market Strategy. International Journal of Business and Management, 17(2), 45-56. Link.

5. Facilitation of Consumer Research:

   • These models support academic research by providing frameworks for analyzing consumer behavior, contributing to innovations in marketing and consumer psychology.
   • Reference: Shadkam, M., & Mohammadzadeh, J. (2024). A Review of Consumer Decision-Making Models and Development of a New Conceptual Model. Global Studies of Business and Economics, 14(2), 104-118. Link.

Weaknesses of Consumer Decision-Making Models:

1. Oversimplification of Complex Processes:

   • Many models fail to capture the full complexity of consumer behaviors, as they often present a linear process that does not account for the dynamic nature of decision-making in real-life scenarios.
   • Reference: Mazzon, J. A., & Bilek, M. (2023). Review of Decision Making Models. European Journal of Futures Research. Link.

2. Influence of Cognitive Bias:

   • Decision-making models may not adequately address the impact of cognitive biases that can lead consumers to make irrational choices, thereby reducing their predictive power.
   • Reference: Hami, R. A., & Ahmad, S. A. (2023). Consumer Decision-Making Creativity and Its Relation to Decision-Making Models. Journal of Business Management, 22(3), 67-79. Link.

3. Neglect of Contextual Influences:

   • Many models do not factor in situational contexts or external influences such as social media and economic changes, which can significantly affect consumer behavior.
   • Reference: Shadkam, M., & Mohammadzadeh, J. (2024). A Review of Consumer Decision-Making Models and Development of a New Conceptual Model. Global Studies of Business and Economics, 14(2), 104-118. Link.

4. Lack of Integration of New Technologies:

   • As technology transforms shopping behaviors (e.g., e-commerce, social media influence), many traditional decision-making models are outdated and do not reflect current consumer practices.
   • Reference: Khosravi, M., & Naderpour, M. (2022). Consumer Decision-Making Process Models and Their Applications to Market Strategy. International Journal of Business and Management, 17(2), 45-56. Link.

5. Inconsistency in Application:

   • The application of various models can vary according to culture and environment, leading to inconsistent predictions about consumer behavior across different contexts.
   • Reference: Mazzon, J. A., & Bilek, M. (2023). Review of Decision Making Models. European Journal of Futures Research. Link.

Conclusion:

Recognizing the strengths and weaknesses of consumer decision-making models allows marketers, researchers, and practitioners to implement more effective strategies, adapt to consumer behavior's complexities, and refine traditional models to reflect contemporary realities.

Sources

[PDF] A review of consumer decision-making models and development of ...[PDF] Review of decision making models - Bournemouth University(PDF) Consumer decision making process models and their ...[PDF] Consumer Decision Making Process Models and their Applications ...Consumer Decision-Making Models, Strategies, and Theories, Oh My!The consumer decision journey: A literature review of the ...[PDF] theoretical models of consumer behaviour: a literature review

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