Giving a suitable example, explain the concept of the ‘Buying Behaviour Model’.

According to the economic model of buying behavior, the buyer is a rational animal and his buying decisions are totally depended on the concept of utility. In other words, it explains an economic perspective of the customer. Here, consumer analyzes the pros & cons of purchasing a product. He considers the price, utility, quality, durability, reliability, service etc., of the product and then takes a decision. He purchases only those goods and services which are useful to him and available at reasonable prices. Thus, this type of model is also known as rational product buying motive.

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