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Economics doesn’t only deal with the economic gratification of various companies helping them to increase their business yields. There are other topics like marketing, which comes under this subject. One of such topics under this category, marketing management, is consumer behaviour.
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What does consumer behaviour actually means?
Consumer behaviour is the term used for studying an organization, group or any individual who go through various stages before buying any service or product. In a simplified sense, it can be stated as an action by customers and the motives behind those actions in the marketplace.
Concept of present marketing system related to consumer behaviour
- It helps in understanding the psychology of customers relating to taking or leaving a product or service
- Needs of different customers can be analyzed
- Commodities and services can be created with these data
Factors influencing consumer behaviour
Amongst the numerous consumer behaviour factors that are depicted with explanations in consumer behaviour assignment helpmanual, 3 of them are:
- Personal Factors
- Psychological Factors
- Social Factors
Various consumer behaviour models
Consumer behaviour models are divided into 3 categories or models. Those are:
- Personal-variable model
- Black-box model
- Complex model
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- When can a person buy a product?
- On what grounds a product is purchased?
- If an individual does not buy a product, why is it so?
- What are the various information sources in this context?
- Are there any special decision taking factors in the minds of consumers?
- What are the different purchase decision overviews of a consumer?
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