Consumer markets and consumer buyer behavior. Market analysis Contents

Focus groups: This involves hosting a group of different type of customers to discuss over a product type and to understand the reasons why customers will buy certain brands. This should include open-ended questions and allow participants to try a new brand and write down their views about it.

Point-of-sale: This requires obtaining statistics from stores or corporate headquarters. Companies should focus upon a particular type of product and determine whether the product is purchased more than often in a certain time period in comparison to other time periods. This paves way for researching the reasons why a particular brand was selected over the other.

Who, exactly, is a consumer? Before we understand the psychological factors driving consumers' buying behavior, it is important that we understand who consumers are. Consumers can be a single consumer, or a consumer can be an organization. Consumers can be any legal person that's buying goods and services from you. These are economic goods and services, and are typically paid for with a widely recognized currency. Typically, the consumer is also the end user or end target of the goods and service a business produces. There are three main definitions for a consumer. You can define a consumer singly or as a combination of these definitions.

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  A consumer is an organization or an individual targeted by a company to sell their services or product to.
  
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  A consumer is an organization or an individual that pays a price to use the services or products that are produced by your organization.
  
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  A consumer is an organization or an individual who is the final user of the services or products of a company or organization.
  

The consumer is often seen as the king of the economic system, and its chief decision maker. Consumers make a diverse range of decisions, including the following:

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  Whether or not to buy a product they come across at a store.
  
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  Whether or not to be influenced by marketing campaigns and advertisements for the products and services of a company. It’s important to note that marketers get better every day at persuading consumers to buy their products, often without consumers' active awareness that they are being influenced, because advertisers and marketers have a better understanding of the psychological influences in marketing.
  
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  What to buy and when to buy it.
  
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  Which competitor, among several competitors, to buy from.
  

The power to make decisions is the central power that is given to a consumer. In fact, everyone has been a consumer at some point in their lives. The main determinant of the consumer market is that everyone has the right, as well as the power, to choose how, when, why, on what, and where to spend their money. Even something as simple as buying a plate of French fries makes you a member of the consumer market because you will pay a certain sum in exchange for the French fries. You are making a decision. You decide to part with some of your hard-earned cash in exchange for a plate of French fries. You also decided to buy from a specific vendor and not a different one. In effect, you chose between competitors. The more active the consumers of an economy are, the more active the economy will be in general.