Consumer Psychology and Buyer Behavior

Masters
Essay
Miscellaneous
Pages 11 (2761 words)
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The objective of marketing is believed to be achieved only when the product is sold and revenue earned. In today's competitive market, it is an accepted fact that the consumer is the king. The marketer, in order to be successful, has to produce and design his product according to the need of the consumer…

Introduction

It is of utmost importance for the marketer to know the behavioural patterns of the target consumers much before the product is launched. Therefore, it can be said without any doubt that the study of consumer behaviour has been the arena of constant research for a marketer.
A person can be referred to as consumer if he shows his willingness to obtain goods or services from a seller with the intention of making payments. Consumer behaviour can be defined as the study of variables that determine the purchasing behaviour of any willing person to purchase any product or service. Consumer behaviour is believed to be influenced by the factors like psychology, sociology and economics apart from the product knowledge, product specifications and brand recognition.
Cultural factors - The behaviour of a grown up person often depends upon the set of values, perceptions and his preferences as a child, which he acquired from his family or other influential sources. Each culture also has certain sub-cultures within it which provides more specific identification of their behaviour. A subculture includes religion, nationality, region and racial groups. A proper understanding of the implications and bearings of the sub-cultures assists the marketer to analyse the behaviours of the consumer in an effective way. ...
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