Importance Of Consumer Behaviour

WHAT IS CONSUMER BEHAVIOUR?

Consumer behavior is the study or the art of how people buy, what they buy, when they buy and why they buy. It refers to the actions and all the decision process of people who purchase goods and services for personal consumption. Consumption can be in any form and anywhere.

WHY IS IT IMPORTANT?

Production Concept (consumers buy what is available than what they really want)

Product Concept (consumers will buy a product of highest quality, best performance and most features)

Selling Concept (consumers mostly buy the product when they are actively and aggressively persuaded)

Marketing Concept (marketer must make what sells rather than sell what it makes)

Circle of Consumption-

VARIOUS OBSERVATIONS AT THE SHOPPING MALL-

We in a group had seen a number of things at the Shopping Mall. There were many different types of customs and rituals also and different ways of how people act. On the observation day, there were many people in groups of three or more. Majority of the people walking in the mall are that of the youth and the children who just like to spend their time in any form of entertainment. People are unique in many ways such as different cultures, views, and perceptions. For people to adapt to a new culture, people must learn to understand signs, norms, and social control. These three factors are important and touch almost every aspect of social life and are used in every day to day life. A sign is “a symbol that stands for or conveys an idea“. Signs could be price tag, a slow down sign etc. As signs convey information and are the most common and they make everyone’s life easier. Gesture is an example of signs and linked with body movements. The signs are present almost everywhere, it’...

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...f use, possession, and maintenance.

One caution about customer value: greater customer value does not necessarily equal greater customer satisfaction. Customer value is defined as the difference (or surplus) between benefits and costs; it is a level of return for customer costs. From a cognitive perspective, according to expectation theory, satisfaction is the result of a comparison between what actually occurs and what is expected. Hence the customers' buying satisfaction depends on both their perceived value of the purchase and their knowledge of what a fair level of buying value should be. In short, customers will feel satisfied to the extent that the perceived value of their buying exceeds the standard they hold. From this point of view, exceeding value is the key for customer satisfaction, not customer value per se (a surplus value).