Consumer behavior can be construed as the way people/customers and groups of people choose, buy, use, and dispose of goods and services which satisfy or aim to satisfy their needs and wants. The study of consumer behavior gives companies an edge so that they can analyze how the consumers are behaving towards their product and then make adjustments accordingly. The study of all of the actions which are done by the consumers when it comes to the marketplace and also the analyses of their motives tells the companies that are manufacturing products what the consumers prefer and what they are ready to pay for.
Marketers presume that by understanding what exactly pushes some consumers to buy some goods and why they avail some services. The manufacturing companies will actually find out which products are obsolete, which ones don’t sell well and which ones are being loved by the customers.
Advertisements play an integral role when it comes to putting through the details of a product to the mass population in an interesting yet catchy way. The providing of information when it goes from user to user and also from the payer to the disposer holds a lot of value because all of it can be utilized by the companies. Roles vary when it comes to a lot of different situations. Take this, for example; a teacher plays a significant role as they influence a child from a very young age. They also play the role of disposer when it comes to disposing of the used products in a classroom.
Below I have listed out a definition for consumer behavior.
According to the brilliance of Engel, Mansard, and Blackwell, ‘consumer behavior is known as all the kinds of actions and also the decisions that people take and make when purchasing goods and also availing services for their personal consumption.’
The nature and attitude of consumer behavior is influenced by a number of factors. It can be affected by marketing factors like the design of the product, the price of it, how that product is promoted, how it is packed, and finally how the company plans on distributing it. All of these processes are considered and planned after figuring out how the consumers are enjoying the previous products that were manufactured by the company.
One of the main things that you have to understand about consumer behavior is that it is never static or constant. It always keeps changing. It undergoes changes over a period of time, and that entirely depends on the nature of the products. The changes that take place in buying behavior can happen because of a lot of things like a change in budget, change in taste, change in preferences, change in need, and many more.