The psychological factors are motivation, perception, learning, beliefs and attitudes which will affect consumer buying decision. Then it comes to the consumers buying decision process. The consumers need to recognise the quality and the price of the products. They will go for searching the information about the products they are going to buy. The consumers will make an evaluation of products they want to buy.
A customer purchases products to satisfy their needs or wants which influences a consumer behavior to buy products to meet their need. According to Philip Kotler,”Consumer Behaviour is the study of how individuals, groups and organizations select, buy, use and dispose of goods, services, ideas and experiences to satisfy their needs and wants” Factors Influencing Consumer Behaviour There are different factors which are responsible for influencing Consumer Behaviour. • Economic Factors-Economic factors are the factors which directly affects the financial condition of consumer. Economic factors such as personal income, family income, government policy, discretionary income etc…influencing the consumer behavior in buying a product. • Psychological factors: Psychological factors such as need, motivation, personality, lifestyles etc affects very much in influencing consumer behavior as they purchase only to satisfy their needs.
Consumer Behaviour Definition, Consumer Behaviour theory, factors affecting consumerbehaviour, psychology of marketing, consumer behaviour case study Consumer behaviour refers to the psychological process that leads to a consumer’s decision to buy a product or service offering. This process involves decisions in terms of what, when, where, how and from which vendor to make the purchase. This is influenced by: • Psychological factors such as the personal thinking process that includes motivation, personality, perception and the consumer’s attitude, the process of making the decision in marketing, consumer’s interaction with friends, family and peers and making the choice of where to buy from, based on cost, features and product appeal • Internal
What are consumer insights? What types of business challenges can benefit from consumer insights? How are consumer insights obtained? The consumer insights usually helps firms to understand the notion behind consumer attitude, preference and belief for purchase a certain product among the basket of brands available in the market. These insight can be gathered from consumer surveys, both qualitative and quantitative in nature, which can help the company to gather data on the strength and weakness of the brand and product attributes that are associated with frequency of purchase and usage of the product.
2.3 Consumer Behavior: The plan of marketing is to meet and satisfy target customer’s needs and wants better than competitors. Consumer behavior is the study of how individuals, groups, and organisations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. Studying consumers provides clues for improving or introducing products or services, setting prices, devising channels, crafting messages, and developing other marketing activities. Marketers are always looking for emerging trends that suggest new marketing opportunities. 2.3.1 Definitions: Horner and Swarbrooke (1996) have defined consumer behaviour as “the study of why people buy the product they do, and how they make their decision”.
When we talk about consumer behaviour, we take two aspects in mind that are consumer + behaviour. The person who consumes on the daily basis or purchases any kind of thing either it is durable or non-durable good that is consumer. Because we spent for it and then we go ahead for that particular thing, when we consume that particular thing we react whether we are satisfied or not satisfied that is why we are known as con-su-mer that means we want to have something and then we behave like that particular way. The second aspect is behaviour. Behaviour is the way in which we react or we tell someone about the positive aspects or the negative aspects of some particular thing.
- Advertisers can better foresee how customers will react to advertising systems. The term consumer behaviour is characterized as the behaviour that buyer show in searching down, purchasing utilizing, assessing and discarding items and services that they expect will fulfil their needs. Consumer behaviour concentrates on how people settle on choices to invest their accessible assets (time, cash, exertion) on utilization related things that incorporates what they purchase, why they purchase, when they purchase it, where they purchase it, how frequently they purchase it, how regularly they utilize it, how they assess it after the buy and the effect of such assessments on future buys, and how they discard
A consumer is defined as someone who purchases goods and services for personal use. When studying consumers, you examine how individuals decide on what to buy, they buy a certain item, how it would be used, and how they dispose the purchased item if no longer needed. Schiffman (2012) defines consumer behaviour as the behaviour consumer’s display in searching for, purchasing, using, evaluating and disposing of products and services that they expect will satisfy their needs. There are certain factors which influence the decision making of consumers. Such factors can personal, situational, or psychological.
Consumer behavior is the behavior that consumers in searching for, purchasing, using, evaluating, and disposing of product and services that they expect will satisfy their needs. It also defined as how they make decisions to use their available resources (time, money, effort) on consuming or purchasing items (Hawkins 2004). Also, according to Jagdish N. Sheth, customer behavior is the activities of the customers that result in decisions and actions to pay for purchase, and use products and services, whether it is a mental or physical activity. Consumer behavior can’t just change in a snap. But creating a niche by finding and focusing on very specific markets that might encourage change may do so.
Some of the factors that influence the consumer buying decision in the FMCG Industry are expressed below. Factor 1: Lifestyle Lifestyle of customers is an import factor influencing the consumer buying behavior. Lifestyle refers to the way a person lives in a society and is expressed by the things in his/her environment. It is determined by customer interests, opinions, activities etc and shapes his entire pattern of acting and interacting in the world. Customers link purchase and consumption of FMCG to the upgrades in their ways of life.