Economic Theories and Customer´s Behaviors Essay

When making a consumer decision-making there are several influences that can affect, motivation, attitude, lifestyles, learning, and perception. A person behavior is a key point since it shows the person within their cycle. As we change daily as family our cycle changes as well. In the US, we have different socials classes, and each of them shows different values, behavior, and way of seen life in

Consumer behavior is a mix of economic, technological, political, cultural, demographic and natural factors as well as own characteristics which is reflected by attitude, motivation, perception, personality, knowledge and lifestyle. Only when marketers realize these factors and characteristics, they are able to understand consumer behavior. This has resulted in the classification of these behaviors under these categories – Economic, Social, Demographic, Geographic, Psychological, Product & Technology. (Vikram Shende, 2014)

Consumer behavior is defined in a variety of ways such as “the dynamic interaction of affect and cognition, behavior and environmental events by which human beings conduct the exchange aspects of their lives.” by the American Marketing Association. (2008). In a simpler form, consumer behavior can be explained as the actions of consumers and the different approaches a person may take to decide what to buy and the decision making process. The decision making process can be effected by many factors all related to a person or persons lifestyle. Determining that behavior can be confusing and

Consumer psychology examines the consumers influence and their perceptions, thoughts, feelings, beliefs, and how these affect their decision of buying products and services. It studies the

Consumers should know their consuming behaviour before purchasing a product. The purpose of this portfolio is to review and evaluate my own consuming behaviour distributed over three categories. Firstly, I will review on my philosophical assumptions and to discuss about my beliefs on the importance of advertising and marketing. Secondly, I will identify a consumer behaviour that I have done recently and to analysis what type of decision maker I am. Finally, I will examine how do I express my complaints to the organisation and my dissatisfaction. These three categories are formed by different worksheets. This portfolio is designed to help and understand how to take advantages from my consumer behaviour when purchasing

This paper will discuss the psychological and social factors, such as motives, perception, attitudes, personality, family, social class, and reference group that influence consumer behavior toward a product or service. It is important for marketers to develop an effective marketing message, understand and know how to apply this knowledge of consumer psychology to create and develop an effective marketing of its products and services.

Understanding consumer buying behavior entails marketing, relationships, and consumer behavior. Consumer behavior comprises all the consumer decisions and activities connected with the choosing, buying, using and disposing of goods and services. Marketers must pay very close attention to consumer behavior that occurs before the purchase and after the particular product has been used. Studying consumer habits is one of the steps in marketing search and analysis. In addition to other basic principles of consumer buying habits, marketers also need to study the decision and actions of real people. Until recent history the study of consumer behavior was focused on generalized consumer decisions. With

Understanding and acting upon consumer behavior is at the core of becoming a successful retailer. Today’s business environment is packed with competing firms, all seeking to convenience customers to choose them over their competitors. Many industries, such as the soda, cell phone, and washing detergent industry are dominated by a just a few or a sole firm. Therefore, more than ever it is difficult to intervene in the habitual consumption of most consumers. A consumer’s buying process is what must be closely analyzed by any existing or new firm that is trying to become competitive in today’s business environment.

Figure 3: Lush label states "Fresh Handmade Cosmetics" and "Bring back 5 Pots and Get a Fresh Face Mask Free"

To determine what products to produce companies must first understand why consumers buy the items they buy, or determine their interest and necessities, this understanding is gained from analyzing consumer behavior. Consumer behavior is defined as the process by which individuals search for, select, purchase, use, and dispose of goods and services, in satisfaction of their needs and wants (2017). To understand how to target their market consumers Nighthawk Motor’s needs to analyze the factors associated with consumer behavior. Research services describe five important consumer behavior factors as; marketing campaigns, economic conditions, personal preferences, group influence, and purchasing power (N.D.).

When people live, they have to do some choices and activities to make the conditions easier, during their all life. Consumer behaviour includes these all decisions, needs, desires, activities and consumptions to make the world a more liveable place (Cohen et al., 2014). Key concepts in consumer behaviour can be considered as decision making, values, motivations, self-concept, personality, expectations, attitudes, perceptions, trust and loyalty. Satisfaction can not be provided without any of these components. Dissatisfaction and negative emotions, attitudes and perceptions may be caused unwanted behaviour by customers (Cohen et al., 2014).

Consumer decision-making is needs-based. Consequently, the process of understanding consumers does not so much rest on identifying the behavioural patterns of a group and then choosing to pitch a product to them, but rather on identifying the specific need which is common to certain people and accordingly striving to satisfy that need (Brady, 2010).

Consumption is a process of acquiring, using and disposing of goods and services. Emotions play a very large role in consumer behavior. This behavior and emotions are affected and created by the society and the culture in which the consumer lives. For example, an American may approach the purchase of a costly car with relatively less pressure than a person in a developing country where a car could be a high unaffordable luxury. The customer will comprehend brands, offers and the meaning of the product based on the understanding that he or she has of similar brands and their experience by analogy or by hearsay from peers and form an opinion. For example a new soft drink from Pepsi may not be very informative in its advertisement but that it is from the stable of PepsiCo makes the users of Pepsi brands take it in without much research. Such an opinion is not based mostly on the complete set of facts. Where there are many alternatives or the information is scarce the customer has to make a lot of effort or 'high effort' to reach a decision and such a situation could be a turnoff. On the other hand the customer may not be inclined to devolve deep into facts in case where the brand value is established and may make a decision on little or even sometimes no information. (Hoyer;

Consumer behavior plays an important role in developing marketing strategies for a marketer with an objective to deliver marketing goals in a given span of time, which could be possible by understanding the psychology of consumer from his/her buying behaviors that could be influenced by an environment and other factors in which an individual live-in. The decision to which consumer concludes while making a final decision in making purchase may vary with level of importance and interest in a product or service. Consumer takes into various parameters before he/she concludes a decision in making purchase or availing service on attributes that are varied in nature, in traditional point of view consumer behavior attributed by, where an individual make purchasing decision before in-take of product/service by consulting and taking inputs of varied set of data from people around environment that could be his/her friends, brothers, siblings, acquaintances and other people in social circles who could potentially influence an individual in making a purchasing decision and now with extended social circles concept leveraging social media, internet forums and product reviews available on virtual shopping and comparison websites with experiences shared by consumer who had purchased and used the similar product gives an adequate and much nuanced inputs about the product/service which could

Consumer Behavior by Hawkins, Best, Coney: The text discussed several factors affecting consumer behavior for purchasing such as demographical and social impact (family and household), band impact ,impact of advertising and inner impact (study, perspective, attitude etc.). The book elucidated the subject such as types of consumer decisions, buy inclusiveness and product inclusiveness. The book with emphasized upon communication search process and several ways vice supply germane communication to the consumers happen refer in this learning. The text with emphasized on one verdict and proposed qua the capability of an one to distinguish among like stimuli is called sensory discrimination which could wrap several variables related to singular bias.