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Consumer Behavior

 OVERVIEW OF CONSUMER BEHAVIOR

Consumer behavior refers to the study of individuals, groups, or organizations and their selection, purchase, use, and disposal of goods and services. This study aims to understand the decision-making processes and the factors that influence these decisions.

THE IMPORTANCE OF CONSUMER BEHAVIOR

Understanding consumer behavior is crucial for businesses as it helps in developing effective marketing strategies. It aids in predicting consumer responses and in improving customer satisfaction, loyalty, and ultimately the company’s profitability.

FACTORS INFLUENCING CONSUMER BEHAVIOR

Various factors influence consumer behavior including personal, psychological, and social factors. Personal factors include age, lifestyle, and economic situation, while psychological factors encompass motivation, perception, learning, and beliefs. Social factors consist of family, social roles, and status.

THEORIES OF CONSUMER BEHAVIOR

Several theories explain consumer behavior. The most prominent ones include Maslow’s Hierarchy of Needs, Freud’s Psychoanalytic Theory, and Howard Sheth’s Model. Each of these theories offers unique insights into consumer decision-making processes.

CHANGES IN CONSUMER BEHAVIOR

Consumer behavior is not static. It evolves with changing times, influenced by factors such as technological advancements, economic fluctuations, and cultural shifts. Businesses need to monitor these changes to stay competitive.

CONSUMER BEHAVIOR RESEARCH METHODS

Research methods used in consumer behavior studies include surveys, focus groups, observational studies, and experiments. These methods allow researchers to gather data on various aspects of consumer behavior.

GLOSSARY: 

1. Consumer behavior: The way individuals or groups select, use, and dispose of goods or services.

2. Marketing strategies: Plans to promote and sell products or services.

3. Personal factors: Individual characteristics like age, lifestyle, and economic status.

4. Psychological factors: Mental aspects such as motivation, perception, and beliefs.

5. Social factors: Influences from one’s social environment like family and social roles.

6. Theories: Systematic explanations of observed phenomena.

7. Static: Not changing or progressing.

8. Research methods: Techniques used to conduct research.

REFERENCES

Consumer Behavior – Wikipedia https://en.wikipedia.org/wiki/Consumer_behaviour 

Kenton, W. (2022, December 30). Inferior Good: Definition, Examples, and Role of Consumer Behavior. Investopedia. Retrieved from https://www.investopedia.com/terms/i/inferior-good.asp  

Hansen, F. (1976). Psychological Theories of Consumer Choice. Journal of Consumer Research, 3(3), 117-142. Retrieved from https://www.jstor.org/stable/2488898 

McLeod, S. (2023). Maslow’s Hierarchy Of Needs. Simply Psychology. Retrieved from https://www.simplypsychology.org/maslow.html 

CNsmrBhvr. (n.d.). Maslow’s Hierarchy of Needs. Retrieved from https://sites.google.com/site/cnsmrbhvr/consumer-needs/maslow-s-hierarchy-of-needs

Wikipedia contributors. (n.d.). Freud’s psychoanalytic theories. In Wikipedia. Retrieved from https://en.m.wikipedia.org/wiki/Id,_ego_and_super-ego 

Niaz, A., Stanikzai, S. M., & Sahibzada, J. (Year). Review of Freud’s Psychoanalysis Approach to Literary Studies. International Journal of Social Sciences and Research, Volume(Issue), Page range. DOI: https://doi.org/10.46281/aijssr.v4i2.339 

Prakash, A. (2016). Howard Sheth Model of Consumer Behaviour. Deliberative Research, 30(1), 43-47. Retrieved from https://www.proquest.com/docview/1932334898

J, A. (2019, August 15). Howard Sheth Model. The Investor’s Book. https://theinvestorsbook.com/howard-sheth-model.html 

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Wiki Hyphen Website | Updates 20th May 2023 | Consumer behavior: https://www-wiki.com/Consumer-Behavior 

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