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Consumer Behavior: The Five Concepts Of Consumer Decision Making

967 Words4 Pages

With the continual pressure of competition, success and innovation, it is important for companies to focus on concepts that will allow them to be prosperous. These concepts include knowing about the consumer, motivation, problem recognition, psychographics and marketing ethics. Focusing on these five strategies may help a company create a better business plan and overcome challenges. Consumer behavior is the study of how a consumer buys products, the consumption, and disposition of goods, services, time and ideas by human decision-making units. Consumers should be a primary focus for companies therefore it is important to understand the attitude of people when they buy, consume and dispose of products or services. By truly understanding the consumer, a company is able to provide higher quality products and services and promote them in a way that best fits their target market. Although a company may do extensive research on consumers, there are always difficulties that they may encounter. One difficulty is that consumers’ …show more content…

Problem recognition is the perceived difference between an ideal and an actual state. It is important to understand this step to recognize what generates a decision to be initiated. An issue that is important to understand is that consumers may realize that there is a difference between their ideal and actual state, therefore, they may not be motivated to make a decision. To address this dilemma, it is important that consumers are able to desire a product that is attainable and affordable. A successful company should influence the consumer to perceive a problem for a product or service, even if this problem does not actually exist. A consumer goes through a psychological process before making a decision on a product, through problem recognition, a company can try to persuade a consumer to buy a

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