Studying consumer behavior is important because it helps marketers understand what influences consumers’ buying decisions.
By understanding how consumers decide on a product, they can fill in the gap in the market and identify the products that are needed and the products that are obsolete. Behind apparently simple decisions, there are a range of thought processes which impact decision-making. For instance, a buyer may decide at the “spur of the moment”, based on emotion, or he may make a researched, and well-thought-out decisions.
Consumers spend time carrying out research and comparing multiple products. They check product ratings and also ask friends or sales professionals. The process takes longer to complete.
There are four factors that influence consumer behavior. These factors impact whether or not that the target customer buys the product. They are cultural, social, personal and psychological.
Personal factors associated with audience demographics such as age, culture, profession, age and background play major roles in forming consumers' interests and opinions.
There are four psychological factors that influence consumer behavior: Motivation, perception, learning, and attitude or belief system. Marketing campaigns can influence consumer behaviors because they elicit reactions, utilizing imagery and word associations tied to emotional responses.
Consumer behavior
