Consumer Behaviour
Who is a
Consumer ?
Any individual who purchases goods and services from the market
for his/her end-use is called a consumer.
In simpler words a consumer is one who consumes goods and services
available in the market.
Example - Tom might purchase a tricycle for his son or Mike might
buy a shirt for himself. In the above examples, both Tom and Mike are
consumers.
INTRODUCTION OF CB:
Consumer behaviour is the study of
individuals, groups, or organizations and the processes they use to select,
secure, use, and dispose of products, services, experiences, or ideas to
satisfy needs and the impacts that these processes have on the consumer and society.
DEFINITION :
1.
According to Engel, Blackwell, and Mansard,
‘Consumer
behaviour is the actions and decision processes of people who purchase goods
and services for personal consumption’.
2.
According to Louden and Bitta,
‘Consumer
behaviour is the decision process and physical activity, which individuals
engage in when evaluating, acquiring, using or disposing of goods and
services’.
What is Consumer Behaviour?
Consumer Behavior is a
branch which deals with the various stages a consumer goes through before purchasing
products or services for his end use.
Why do you think an
individual buys a product?
- Need
- Social Status
- Gifting Purpose
Why do you think an
individual does not buy a product ?
- No requirement
- Income/Budget/Financial constraints
- Taste
When do you think consumers
purchase products ?
- Festive season
- Birthday
- Anniversary
- Marriage or other special occasions
There are infact several factors which influence buying decision
of a consumer ranging from psychological, social, economic and so on.
The study of consumer behaviour explains as to:
- Why and why not a consumer buys a
product ?
- When a consumer buys a product ?
- How a consumer buys a product ?
During Christmas, the buying tendencies of consumers increase as
compared to other months. In the same way during Valentines week, individuals
are often seen purchasing gifts for their partners. Fluctuations in the
financial markets and recession decrease the buying capacity of individuals.
In a layman’s language consumer behaviour deals with the buying behaviour
of individuals.
The
main catalyst which triggers the buying decision of an individual is need for a
particular product/service. Consumers purchase products and services as
and when need arises.
According
to Belch and Belch, whenever need arises; a consumer searches for several
information which would help him in his purchase.
Following
are the sources of information:
- Personal
Sources
- Commercial
Sources
- Public
Sources
- Personal
Experience
Perception
also plays an important role in influencing the buying decision of consumers.
Buying
decisions of consumers also depend on the following factors:
- Messages,
advertisements, promotional materials, a consumer goes through also called selective exposure.
- Not all
promotional materials and advertisements excite a consumer. A consumer
does not pay attention to everything he sees. He is interested in only
what he wants to see. Such behaviour is called selective attention.
- Consumer
interpretation refers to how an individual perceives a particular
message.
- A consumer
would certainly buy something which appeals him the most. He would
remember the most relevant and meaningful message also called as selective retention. He would obviously not remember
something which has nothing to do with his need.
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