CONSUMER BUYING BEHAVIOUR OF
Consumer behavior refers to the mental and emotional process and the observable behavior of consumers during searching, purchasing and post consumption of a product or service. Consumer behavior involves study of how people buy, what they buy, when they buy and why they buy. It blends the elements from psychology, sociology, socio- psychology, anthropology and economics. It also tries to assess the influence on the consumer from groups such as family, friends, reference groups and society in general. Buyer behavior has two aspects: the final purchase activity visible to any observer and the detailed or short decision process that may involve the interplay of a number of complex variables not visible to anyone.
Everybody in the world is the consumer. Each of us buys and sells or consumes goods and services in the life. Consumer behavior is very complex and is determined to a large extent by social and psychological factors. Consumer behaviour can be defined as those acts of individuals directly involved in obtaining, using and disposing of economic goods and services.
The relevance and importance of understanding consumer behaviour is rooted in the modern marketing. The needs of not even two consumers are the same. Therefore, they buy only those products and services, which satisfy their wants and desires. To survive in the market, a firm has to be constantly innovating and understand the latest consumer needs and tastes it will be extremely useful in exploiting marketing opportunities and in meeting the challenges that the Indian market offers. A study of consumer behaviour is significant for regulating consumption of goods and thereby maintaining economic stability. Within the broad framework of marketing, the area that entices the most researchers is the study why a consumer behaves in a particular way. The complexity of the behavior, however, varies with the nature of the product and the need, which it is required to satisfy. The study of consumer behavior is the study of how individuals make decisions to spend their available resources on consumption of related items.
Consumer behavior is an applied discipline. Its application exists at two different levels of analysis. One is at the micro level perspective and other at the macro level perspective. Micro level seeks application of the knowledge faced by the individual, firm or an organization. The macro perspective applied knowledge of consumer includes the aggregate level of problem faced by large groups or by society as a whole.
Consumer behavior provides a sound basis for identifying and understanding consumer needs. It is the act of the individuals directly involved in obtaining and using economic goods and services. The study of consumer behavior is an essential component of marketing. The adoption of marketing concept by the marketers provides the impetus for the study of consumer behavior.
Incase of New Product Introduction in the market, there is a risk of product failure. To increase the chances of success of new products, better information of the consumer behavior is required. Their desires, tastes and preferences are to be taken care of. So from all these aspects the study of consumer behavior is important.
Factors Affecting Consumer Buying Behavior
Consumer buying behavior is influenced by the major three factors: 1. Social Factors
2. Psychological Factors
3. Personal Factors.
Social factors refer to forces that other people exert and which affect consumers’ purchase behavior. These social factors can include culture and subculture, roles and family, social class and reference groups.
Example: By taking into consideration Reference group, these can influence/ affect the consumer buying behavior. Reference group refers to a group with whom an individual identifies herself/ himself and the extent to...