Consumer behavior explains about the factors that influence the buying decision of consumer for the available goods and services. Explicitly, studying consumer behavior helps business firms to know that how a person, a group or an organization select, buy and use the products to satisfy their needs and demands. Learning about consumer behavior helps company to design, sell and buy the products that are demanded by consumer and hence can have impact on the consumers.
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According to Louden and Bitta, ‘consumer behavior is the decision process and physical activity, which individuals engage in when evaluating, acquiring, using or disposing of goods and services’.
Therefore, identifying consumer behavior helps to research about whom to target, how to target and how to reach the targeted consumers. Study of consumer behavior tells that how an individual or an institution make a choice of spending their resources to purchase goods and services. Hence, it is an intricate process that reveals consumer decision for selecting, buying and discarding goods and services.
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Personal consumer: Consumers purchasing goods and services for own use i.e. personal use.
Organizational consumer: It include government and non-government agencies that purchase goods to run their organization.
Consumer behavior is not fixed. It keeps on changing with time and circumstances. A Consumer selecting and buying particular product will not necessarily buy same product in future. His choices may change due to the change in his personal, professional, psychological or social circumstances. Example: If a consumer is opting a specific product at present, but after a period of time if there is hike in his salary or if he shifts to new city, there are higher chances that he will now buy different product depending on the place or depending on the hike in the salary.
Two individuals generally have different choices for goods and services. Their choice of good depends on the above mentioned factors. So, if a consumer is foodie, he will spend most of his income to buy food products but if a consumer loves technological devices, he will spend most of the income in buying new and advanced technological devices.
The choice of product by a consumer also depends on the place. A consumer living in rural area are more conservative and hence purchase product carefully whereas a consumer living in cities and well-developed areas mostly looks for luxurious and quality product, depending on their budget.
These and many other things influence the buying decision of a consumer. To get organized content on factors influencing consumer behavior, select consumer behavior homework help availed to students by the subject tutors connected with our homework help site.
The black box model explains about the process that a consumer undertakes while buying a product. The initial part of this model displays the marketing stimuli that is set by a company that includes 4’s of marketing; product, place, price and promotion. Consumer may also take other marketing stimuli in account like economics, political, cultural etc. Once the marketing mix is identified, the obtained information is placed in buyer’s black box where different cultural, social, personal and psychological factors that are mentioned above is taken into account. This initiate the buyer’s decision making process. Once the choice is made, consumer will then look for other factors to make the final decision like the brand, pricing and the time for purchase of the product.
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