1. Consumer behaviour is the study of how consumers make purchasing decisions and how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy needs and wants.
2. There are several factors that influence a consumer's buying decisions, including psychological, social, economic factors.
3. A consumer goes through various stages before making a purchase including need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation. The consumer's need is what triggers the buying process.
Introduction to study of consumer behaviourSindhu .
Meaning, definition and nature of Consumer Behavior, consumer movement in India also its need, rights and responsibilities of consumers in India, benefits of consumerism, role of research in understanding consumer behavior, consumer research paradigms, models and levels of Consumer Behavior, consumer decision making process, research objectives and its characteristics.
Consumer behaviour is said to be the study of when, why, how and where people do or do not buy a product. It’s basically something that depends on the psychology of the consumer. In this, we attempt to understand the buyer’s decision-making process. It also includes the study of individual consumers such as demographics & behavioural aspects for understanding the people’s wants and needs.
Introduction to study of consumer behaviourSindhu .
Meaning, definition and nature of Consumer Behavior, consumer movement in India also its need, rights and responsibilities of consumers in India, benefits of consumerism, role of research in understanding consumer behavior, consumer research paradigms, models and levels of Consumer Behavior, consumer decision making process, research objectives and its characteristics.
Consumer behaviour is said to be the study of when, why, how and where people do or do not buy a product. It’s basically something that depends on the psychology of the consumer. In this, we attempt to understand the buyer’s decision-making process. It also includes the study of individual consumers such as demographics & behavioural aspects for understanding the people’s wants and needs.
"Consumer behaviour may be defined as the behaviour that consumers display in searching for, purchasing, evaluating and disposing of produces, services and ideas which they expect will satisfy their needs."
Chapter 2 buying decision making processNagendra Babu
Buying Decision Making Process: buying roles, Stages of the decision process – High and low effort decisions, Post purchase decisions, Models of consumer behaviour
Meaning of Consumer Behaviour, Features and Importance
• Types of Consumer (Institutional & Retail), Diversity of consumers and their behaviour- Types Of Consumer Behaviour
• Profiling the consumer and understanding their needs
• Consumer Involvement
• Application of Consumer Behaviour knowledge in Marketing
• Consumer Decision Making Process and Determinants of Buyer
• Behaviour, factors affecting each stage, and Need recognition.
"Consumer behaviour may be defined as the behaviour that consumers display in searching for, purchasing, evaluating and disposing of produces, services and ideas which they expect will satisfy their needs."
Chapter 2 buying decision making processNagendra Babu
Buying Decision Making Process: buying roles, Stages of the decision process – High and low effort decisions, Post purchase decisions, Models of consumer behaviour
Meaning of Consumer Behaviour, Features and Importance
• Types of Consumer (Institutional & Retail), Diversity of consumers and their behaviour- Types Of Consumer Behaviour
• Profiling the consumer and understanding their needs
• Consumer Involvement
• Application of Consumer Behaviour knowledge in Marketing
• Consumer Decision Making Process and Determinants of Buyer
• Behaviour, factors affecting each stage, and Need recognition.
Consumer Decision Making Process and Changing Indian Consumers and its Impact,Consumer Profiling for a Consumer Durable product like LCD, LED, Smart Phone, etc
Running head PRINCIPLES OF MARKETING1PRINCIPLES OF MARKETING.docxglendar3
Running head: PRINCIPLES OF MARKETING 1
PRINCIPLES OF MARKETING 1
Week 4 Writing Assignment Marketing
Principles of Marketing
Professor Engle
April 12, 2020
Part 1 - Consumer Behavior: How People Make Buying DecisionsConsumer Buying Behavior
Consumer behavior is explained as the selection, buying and consumption of goods or services to fulfill their wants that lead towards satisfaction. Consumer behavior usually involves different processes. First of all, the consumer efforts to find those commodities to which he would provide more utility and would like to consume. Then consumers estimate the money that he has to spend on buying commodities. At last, the consumer makes a comparison of the prices of commodities and after that, if it is suitable then he takes the final decision of buying commodities of his choice.
Product/Service: I am selecting refrigerators as a product that I will offer to customers.
1) Consumer Behavior Model- Environmental Factors
Many environmental factors affect consumer buying behavior like political environment, economic environment, social environment, technological environment, and cultural environment. I will elaborate on only the two more targeted in the present scenario.
The Technological Environment
Technology has brought much advancement not only to products and services, but it also has changed the way of promotional activities. Now there are a variety of features that are introduced like flex-zone, air filtration, adjustable shelves, spill-proof digital shelves, full extension drawers, full-width pantry drawers, electric temperature control, door alarms, designer LED lighting, under counter ice makers, under counter Kegerators. All these advancements are just due to technological advancement. Now the buying behavior of the consumer has changed and they prefer the latest technological product.
Technologies also alter the promotional mix in another significant way: They change the way firms market their products and services. Revolutionary changes originated through the internet, which introduces marketers to a new source that is fully supported for the promotion of goods and services. Marketers should follow technological improvements and adapt their approaches, to take benefit of the opportunities.
The Cultural Environment
Culture can be defined as the combination of art, customs, knowledge, morals, beliefs, value and habits acquired by society. Culture sets certain limitations on behavior that called norms and defilement of these cultural norms consequences in the formation of sanction. Both norms and sanctions affect the consumption pattern. Every society makes its own culture and that influences the choices, wants and behavior of consumers. Chinese don’t prefer durability while the Japanese prefer it. Like people of Islamic countries do not like and permit live-in relationship, it is the culture of Islamic countries, so unmarried live alone and prefer mini-fridge. While in Europe and other c.
Running head PRINCIPLES OF MARKETING1PRINCIPLES OF MARKETING.docxtodd581
Running head: PRINCIPLES OF MARKETING 1
PRINCIPLES OF MARKETING 1
Week 4 Writing Assignment Marketing
Principles of Marketing
Professor Engle
April 12, 2020
Part 1 - Consumer Behavior: How People Make Buying DecisionsConsumer Buying Behavior
Consumer behavior is explained as the selection, buying and consumption of goods or services to fulfill their wants that lead towards satisfaction. Consumer behavior usually involves different processes. First of all, the consumer efforts to find those commodities to which he would provide more utility and would like to consume. Then consumers estimate the money that he has to spend on buying commodities. At last, the consumer makes a comparison of the prices of commodities and after that, if it is suitable then he takes the final decision of buying commodities of his choice.
Product/Service: I am selecting refrigerators as a product that I will offer to customers.
1) Consumer Behavior Model- Environmental Factors
Many environmental factors affect consumer buying behavior like political environment, economic environment, social environment, technological environment, and cultural environment. I will elaborate on only the two more targeted in the present scenario.
The Technological Environment
Technology has brought much advancement not only to products and services, but it also has changed the way of promotional activities. Now there are a variety of features that are introduced like flex-zone, air filtration, adjustable shelves, spill-proof digital shelves, full extension drawers, full-width pantry drawers, electric temperature control, door alarms, designer LED lighting, under counter ice makers, under counter Kegerators. All these advancements are just due to technological advancement. Now the buying behavior of the consumer has changed and they prefer the latest technological product.
Technologies also alter the promotional mix in another significant way: They change the way firms market their products and services. Revolutionary changes originated through the internet, which introduces marketers to a new source that is fully supported for the promotion of goods and services. Marketers should follow technological improvements and adapt their approaches, to take benefit of the opportunities.
The Cultural Environment
Culture can be defined as the combination of art, customs, knowledge, morals, beliefs, value and habits acquired by society. Culture sets certain limitations on behavior that called norms and defilement of these cultural norms consequences in the formation of sanction. Both norms and sanctions affect the consumption pattern. Every society makes its own culture and that influences the choices, wants and behavior of consumers. Chinese don’t prefer durability while the Japanese prefer it. Like people of Islamic countries do not like and permit live-in relationship, it is the culture of Islamic countries, so unmarried live alone and prefer mini-fridge. While in Europe and other c.
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The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
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The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
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Consumer behavior
1. What is Consumer Behaviour - Meaning and Important Concepts
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.
What is Consumer Behaviour ?
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 ?
Need
Social Status
Gifting Purpose
Why do you think an individual does not buy a product ?
No requirement
Income/Budget/Financial constraints
Taste
2. When do you think consumers purchase products ?
Festive season
Birthday
Anniversary
Marriage or other special occasions
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:
Why and why not a consumer buys a product ?
When a consumer buys a product ?
How a consumer buys a product ?
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 layman’s 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:
Personal Sources
Commercial Sources
Public Sources
Personal Experience
Perception also plays an important role in influencing the buying decision of consumers.
Buying decisions of consumers also depend on the following factors:
Messages, advertisements, promotional materials, a consumer goes through also called
selective exposure.
Not all promotional materials and advertisements excite a consumer. A consumer does not
pay attention to everything he sees. He is interested in only what he wants to see. Such
behaviour is called selective attention.
Consumer interpretation refers to how an individual perceives a particular message.
A consumer would certainly buy something which appeals him the most. He would
remember the most relevant and meaningful message also called as selective retention.
He would obviously not remember something which has nothing to do with his need.
3. A consumer goes through several stages before purchasing a product or service.
NEED
↓
INFORMATION GATHERING/SEARCH
↓
EVALUATION OF ALTERNATIVES
↓
PURCHASE OF PRODUCT/SERVICE
↓
POST PURCHASE EVALUATION
1. Step 1 - Need is the most important factor which leads to buying of products and services.
Need infact is the catalyst which triggers the buying decision of individuals.
An individual who buys cold drink or a bottle of mineral water identifies his/her need as
thirst. However in such cases steps such as information search and evaluation of
alternatives are generally missing. These two steps are important when an individual
purchases expensive products/services such as laptop, cars, mobile phones and so on.
2. Step 2 - When an individual recognizes his need for a particular product/service he tries to
gather as much information as he can.
An individual can acquire information through any of the following sources:
Personal Sources - He might discuss his need with his friends, family members, co
workers and other acquaintances.
Commercial sources - Advertisements, sales people (in Tim’s case it was the store
manager), Packaging of a particular product in many cases prompt individuals to
buy the same, Displays (Props, Mannequins etc)
Public sources - Newspaper, Radio, Magazine
Experiential sources - Individual’s own experience, prior handling of a particular
product (Tim would definitely purchase a Dell laptop again if he had already used
one)
3. Step 3 - The next step is to evaluate the various alternatives available in the market. An
individual after gathering relevant information tries to choose the best option available as
per his need, taste and pocket.
4. Step 4 - After going through all the above stages, customer finally purchases the product.
5. Step 5 - The purchase of the product is followed by post purchase evaluation. Post
purchase evaluation refers to a customer’s analysis whether the product was useful to him
or not, whether the product fulfilled his need or not?
4. What Is a Consumer Market?
Each time you buy a product or service, you are participating in the consumer market. Whether
you're picking up groceries for the week or paying to get your car washed, you're part of this
larger system.
A consumer market is the very system that allows us to purchase products, goods, and services.
These items can be used for personal use or shared with others. In a consumer market, you make
your own decisions about how you will spend money and use the products you purchase. The
more people who go out and actively purchase products, the more active is the consumer market.
The Largest Market
The consumer market in the United States is made up of approximately 300 million consumers.
The United States has the largest consumer market in the world. Consumers spend more money in
the U.S. than in any other country.
Because this market is so large, it is helpful to break it down into more manageable segments.
Within the consumer market, there are subsets that can be identified based on demographics and
other groupings. Some of these subsets include age, gender, interests, income level, and
geographic location. The consumer market is the umbrella that covers all of the segments that can
be created within that huge market.