Consumer behavior refers to the study of how individuals, groups, or organizations select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.
- It involves understanding the psychological, social, and economic influences that drive consumers’ decision-making processes.
Consumer behavior examines factors such as:
- What consumers buy
- Why they buy it
- How they make purchase decisions
- How external factors like culture, family, and marketing efforts influence their choices
Model of Consumer Behavior:
A model of consumer behavior helps marketers understand how consumers make purchasing decisions. One of the most widely used models is the Stimulus-Response Model:
Stimulus-Response Model:
- Input (Stimuli): External factors such as marketing efforts (product, price, promotion, place) and environmental factors (economic, technological, cultural).
- Processing: The consumer’s decision-making process, influenced by psychological factors (motivation, perception, learning, attitudes) and personal factors (age, occupation, lifestyle).
- Output (Response): The consumer’s purchase decision, including product choice, brand choice, and post-purchase behavior.
