Tuesday, April 13, 2010

Consumer Behavior

Consumer Behavior
The study of when, why, how, and where people do or do not buy.  It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioural variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general.--Wilkepedia.com

Why do we study consumer behavior?
By studying the consumer, it helps organizations, businesses, and firms to improve their marketing strategies.
We can explore the psychology of how consumers think, feel, reason, and select between competing alternatives.  The influences of the consumers' environment such as family, friends, culture, and media also reveal their importance when we delve into the study of consumer behavior.  Consumer behavior gives us a chance to study how consumers shop and make their buying decisions while shopping.

By researching all of this information, we can adapt and improve our marketing campaigns and marketing strategies to more effectively reach the consumer.  Studying consumer behavior not only helps us to refine our marketing strategies, but it also makes us better consumers.  It shows us how to check for bargains and teaches us the benefits of buying in bulk as oppose to smaller, more expensive supplies.

"Consumer Behaviour - Wikipedia, the Free Encyclopedia." Main Page - Wikipedia, the Free Encyclopedia. Web. 13 Apr. 2010.

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