Consumer markets and consumer buyer behavior. Market analysis Contents

What, Exactly, Is Consumer Behavior?

If a consumer is anyone who makes economic purchase decisions, then what is consumer behavior and how does it affect organizations and the overall economy? Why is it so important?
Consumer behavior is, for the most part, a psychological process and the psychology of buying behavior is deeply related to the emotions that the consumer goes through. First, the consumer will begin by recognizing the fact that they are in need of the product. They will then find some way to solve their needs. They will find out where they can get the product, how much it costs, which vendors are the best to buy it from, when is the best time to buy it, and so on. Once the consumer is satisfied with all the information they have gathered on the matter, they will implement the plan and make a purchase of the product.
Of course, the process is outlined rather mechanically which gives the implication that consumers approach their buying decisions with a certain academic air and take a lot of time to make the decisions. They do not. In fact, most buying decisions are made in an instant because a lot of the things that consumers buy are neither so expensive nor so important that they need such a detailed thinking process before their purchase is considered. However, for the few things people buy that are expensive and important enough, such as a house, a car, or even an engagement risk, the actual process that they go through before they make the decision is quite similar to the one outlined.
Consumer behavior is a psychological phenomenon that can easily change with even the slightest change in the surrounding environment or the within the consumer themselves. As such, there are many factors that influence it.

What Are the Factors Affecting Consumer Behavior?

Culture

Culture is a complex set of beliefs and principles held by a given society and which clearly defines the roles played by the members of the society. It also defines the traditions and customs of the society. The culture of the society within which a consumer is contained will easily determine what their buying behavior is and so should be thoroughly studied by the business that seeks to persuade them to buy its products or services.