Submitted by: Ashu Gurtoo | 09bshyd0186 |
Project Proposed: “Personality type and its effect on consumer behavior”
Description of the project: We will first try to understand what is consumer behavior What do we really want to study when we say that we want to study consumer behavior? * Why consumers make the purchases that they make * What factors influence consumer purchases * Why people behave as they do * What are the mental processes involved * Who buys * What are their choice criteria * When do they buy * How do they buy * Likely buyers reaction to marketing strategy
The marketing concept stresses that a firm should create a marketing mix that satisfy the customers, therefore the firms need to analyze what, where, why and how customers buy. Understanding consumer behavior is essential to the development of marketing strategies-especially pricing, product design, segmentation, targeting, positioning and promotion.
There are various theories that explore the various drives that impel consumers towards their choice * Psychological model – focus on motives for buying and process of learning * Sociological models—Consumer behavior is determined by social forces that act upon them * Economic models – focus on the consumer as a self interested utility maxi miser- intent on maximizing enjoyment from his/her purchases * Stimulus response models – composite models taking into account a variety of factors including stimuli from marketing
What are the various stages one goes through when one plans to buy some thing? * Problem recognition * Information search * Emergence of range of alternatives * Evaluation of alternatives * Purchase decisions * Purchase * Post purchase evaluation
Review of literature: