What makes a consumer buy a particular product while another one discards the same? What makes a consumer choose to buy a particular product, out of the varied array available in the market? What factors drive a person’s choice? All these questions are a part of Consumer Behavior, which is in itself an extensive field of study, with there being multiple marketing theories and models to explain it. Here, we are attempting to broach the subject in a very superficial way and to get a basic understanding of Consumer Behavior.
Factors influencing consumer behavior:
- A person, while buying a product, not only looks to satisfy a need but also for something extra. For example, a person looking for a shampoo would not buy only a shampoo, which is effective and cheap, but also the one which has not been tested on animals. Another example would be, a person looking for something to eat would not only choose something filling, but also healthy at the same time.
- Some purchases are directed by the need of people to be a part of a social group, to achieve a certain status linked with buying the product. This is especially true with designer items.
- Personal choice is another factor which influences consumer buying behavior especially when it comes to products like clothes, shoes, bags etc.
- Perception is another factor which greatly affects the consumers’ behavior towards a product. How a customer perceives a product is in a great way reflective of whether he/she will buy it or not.
These are just some of the factors which affect consumer behavior; there are many other considerations like quality, price, kind of product, cultural factors, etc. So why consumer behavior is so important and why has it received so much interest and attention? Consumer Behavior is relevant because it allows companies to market their products effectively based on their research on consumers. Understanding is the first step to creating effective marketing strategies to encourage repeat purchases. Knowing the logic behind a consumer’s buying can also help companies create a competitive edge over other sellers. This competitive edge is what may eventually decide the fate of the business.