Consumer Behaviour basically depends on the psychology of the consumer. It attempts to understand the buyer Decesion making process both individually and in the groups. In the study of consumer behaviour, main focus is the customer satisfaction because customer is the only person who can make or break a product.
Types of Consumer
- Buyer
- Consumer
- Customer
- Institutional buyers
- Ultimate consumer
Characteristics of a Consumer Behaviour
- It is a process where consumer decide what to buy and when to buy; how to buy, where to buy as well as how much to buy
- It comprises of both mental and physical activities of the consumer
- Consumer behaviour is very complex and dynamic which keeps on changing constantly
- Individual buying behaviour is affected by various internal and external factors like social groups, culture, status and environmental factors.
- Consumer behaviour starts before buying and even after buying.
Importance or need for the study of consumer behaviour:
- To make better strategies for increasing profits.
- To take into consideration consumer's health, hygiene and fitness.
- To know the buying decesion and how consumer make consumption.
- Consistent change in consumer's tasks or preferences.
- Consumer behaviour study is necessary to make pricing policies.
- To avoid future market failures.
Factors influencing the consumer behaviour:
- Psychological factors: people psychological thinking matters a lot in the decesion making process and hence influences the consumer behaviour
- Social factors: meeting up varieties of people, getting influenced by them, believing in the reviews for a specific product by others are the basic characteristics ig social factors which affect the consumer behaviour.
- Cultural factors: Families will be using a specific brand of product for years together. They wouldn't be willing to shift to another brand of same product type. Hence cultural factors influences consumer behaviour.
- Personal factors: Likes and dislikes matter a lot. Each and every customer will be having his personal tastes and preferences which makes him act accordingly while buying a product.
- Economic factors: Income is the major factor which influences a consumer behaviour because if consumer has high flow of income he will be willing to purchase everything of his choice. If a person has limited income then he will plan what to buy and what no to buy.
- Environmental factors: As environment is dynamic there are many changes that occur. People tend to break their borders and try to use products which is very new to the market or they can either continue to go with the same products they used before.
