Before understanding consumer behaviour let us first go through few more terminologies:
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.
What is consumer Interest ?
Every customer shows inclination towards particular products and services. Consumer interest is nothing but willingness of consumers to purchase products and services as per their taste, need and of course pocket.
Let us go through the following example:
Both Maria and Sandra went to the nearby shopping mall to buy dresses for themselves. The store manager showed them the best dresses available with him. Maria immediately purchased two dresses but Sandra returned home empty handed. The dresses were little too expensive for Sandra and she preferred simple and subtle designs as compared to designer wears available at the store.
In the above example Sandra and Maria had similar requirements but there was a huge difference in their taste, mind set and ability to spend.
Consumer Behaviour 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 ?
Why do you think an individual does not buy a product ?
When do you think consumers purchase products ?
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:
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 laymans 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:
Perception also plays an important role in influencing the buying decision of consumers.
Buying decisions of consumers also depend on the following factors:
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