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To analyze consumers’ behavior in the market with the products and services you must primarily need to understand the nature and elements that affect consumers’ behavior.
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Consumer behavior- All you need to know
Consumer behavior is the study of groups, individual, or organizations and the process to select they make use to make a choice, secure, dispose and use of products and services or ideas to satisfy the needs and wants.
It is also concerned with economic and social impacts that the purchasing and consumption behavior has on the individual consumer and on broader society.
The decision of purchase of product and its circumstance
Understanding the consumption and purchasing behavior is the key challenge for the marketers. Consumer behavior with products in its widest sense concerns with the understanding of how both decisions are taken and how the commodities are consumed.
Some purchases include long and detailed processes that involve extensive information to select between the competing alternatives. On the other hand, some purchases involve less or no researches with little investments.
Consumer behavior with products
Consumer behavior with products broadly means their tastes and preferences while making a choice of a product. Their behavior with the product is affected by-
- Tastes and preferences
- Price of the product
- Brand name
- Current market structure
Hence, with these elements in mind consumers make choice of their decision of purchase. These elements are classified into three factors-
- Psychological factors
- Personal factors
- Social factors
The decision of purchase commences with issue of recognizing the stage that occurs when a consumer recognizes his need followed by-
- Information search and valuation of alternatives
- Final purchasing decision
- Post- purchase assessment
- Internal influence on the purchase decisions
- External influence on the purchase decisions
Customer’s behavior with the products helps the marketers to identify the elements consumers seek for and the elements disliked by them. Consumer behavior is not stagnant the alterations in the structure of the market also affects the consumers’ behavior with the product.
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