Analysing Consumption with Fishbein's Model

Question

Discuss the Fishbein model as a diagnostic tool to analyze consumption from a marketer's view point

Answer

One of the most famous and widely regarded theories on how consumers evaluate products based on their attitudes and beliefs is Fishbein's multi attribute model (Fishbein 1963), which suggests that consumers purchase goods and certain brands because they have favourable thoughts and feelings for the products salient and determinate attributes. Using the model can be valuable for marketers but it also has some downsides. The benefit of using Fishbein's theory is its diagnostic power, which enables marketers to see what consumers believe about the products salient and determinate attributes, and how important these beliefs are as evaluative criteria. The theory is also useful when analysing purchase decisions which require extensive evaluation between products or purchasing a particular product category for the first time. A drawback of using Fishbein’s multi attribute model is that it relies on assuming the consumers’ have perfect knowledge of the product they’re buying (which is rarely the case). It therefore does not explain what part memory plays in evaluating products and how it can skew consumers’ perception of the product and brand they are purchasing.

References

Fishbein, M. (1963). An investigation of the relationships between beliefs about an object and the attitude towards that object. Human Relations. 16(3), 233-240