What’s Consumer Behavior?
Consumer behavior is the study of individuals or groups and all the activities associated with the purchase and how their behaviour leads them to make purchases.
Consumer behavior allows marketers to get a better understanding of what causes the consumer to purchase a product or service. For the company to get a better understanding of consumer behaviors they must understand what led customers to make a purchase, why they made the purchase, and what social factors or trends led them to make a purchase.
Suppose you are a marketing researcher for Gucci and you want to know why sales have increased between lower and middle class. As a marketing researcher you may want to find answers for the following questions:
1.What is their shopping routine:
Did the consumer do any research before purchasing a product or service? Is the cost a high derivative for this purchase? These questions leads to what type of research the buyer performs before making a purchase.
- Limited/Extensive decision making:
Limited decision making is when the buyer purchases a product occasionally or after it was recommended by a friend or family member. For example, if one is looking into purchasing a new pair of gym shoes, she or he will ask a friend for any shoe recommendations. However, when one is looking for a laptop then he or she will look up reviews maybe go to the store and play around with the product before making a purchase. This research process is up to the extent of research the buyer does before deciding to make a purchase based on the cost of the item.
- Impulse buying:
Did the buyer plan on purchasing the item? For example, if one is out with his or her friends at the mall and sees a t-shirt that they liked and decided to purchase it, then it is considered an impulsive purchase because the buyer didn’t need a new t-shirt.
In the end, consumer behavior allows marketing researchers determine what type of behaviors leads consumers to purchase a product or service. Usually these factors are lead by current trends, social factors, and social awareness. As a marketing researcher it is one’s job to gather this information and be able to share it with the company.