According to Asifo Shah consumer behavior refers to the selection, purchase and consumption of goods and services for the satisfaction of their wants and there are different processes involved in the consumer behavior. Initially they try to find what they would like to consume, then they select only those that will promise them greater utility. After selecting, the consumer makes an estimate of the available money which they can spend. Lastly, they will analyze the prices and takes the decision about the commodities they should consume. He also said that there are various other factors influencing the purchases of consumer such as social, cultural, personal and psychological.
Consumer behavior is deeply influenced by cultural factors such as: buyer culture, subculture, and social class. The influence of culture on buying behavior varies from country to country. Also each culture contains different subcultures such as religions, nationalities, geographic regions, racial groups etc. Social class is not only determined by income but there are various other factors as well such as: wealth, education, occupation etc.
Social factors also impact the buying behavior of consumers. Reference groups have potential in forming a person attitude or behavior. The impact of reference groups varies across products and brands. Each person possesses different roles and status in the society depending upon the groups, clubs, family, organization etc. to which he belongs.
Personal factors can also affect the consumer behavior. Age and life-cycle have potential impact on the consumer buying behavior. And family life-cycle consists of different stages such young singles, married couples, unmarried couples etc. The consumer economic situation has great influence on his buying behavior because if the income and savings of a customer is high then he will purchase more expensive products. On the other hand, a person with low income and savings will purchase...