From an economic perspective, needs would be viewed as a consumer maximizing their dollar or buying potential by choosing the product that best meets their requirements based on value, features, functionality, convenience etc. Economic needs relate to the economic-buyer model of consumer behavior by consumers comparing similar products and weighing their buying options to ensure that their selection will offer value and satisfaction. A purchase that recently made that was consistent with the economic-buyer model was an electronic fireplace.
As this was a relatively high dollar purchase for me, I was concerned about losing money if it did not work well or was of poor quality. researched the various models and options online prior to making my decision, comparing prices, features and functions, reading customer reviews and manufacturer details. was concerned about making a bad buying decision because if it turned out to be flimsy, damaged, r dangerous I would have either been out a decent sum of money or had the headache of having to dis-assemble it in order to return it.
I wanted a quality product that was aesthetically pleasing at a price that I considered reasonable, and therefore, did my ‘homework’ in order to cross compare similar items against one another instead of simply buying the first one I saw in my price range. Another example that is not explained by the economic- buyer model would be one of my many lower dollar amount purchases or ‘impulse buys’. I recently purchased a pen that was displayed on the counter near the cash registers at a local Dollar General store.
I wasn’t necessarily in the market for a pen but the color of it appealed to me and it only cost 99 cents so purchased it. did not feel the need to perform research on its performance or durability as I had with the fireplace because even if the pen did not work well the consequences would not have been the same. My perceived risk or cognitive dissonance was higher with the fireplace than the pen, therefore, the economic-buyer model did not come into play.