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Consumer Behaviour 1

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Consumer Behaviour
Customer is profit, all else is overload....

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This chapter provides an introduction to consumer behaviour. “Consumer is the most important person. The business revolves around the consumer.” After finishing this chapter one should be able to understand: q What is meant by consumer behaviour q Consumer decision-making process q Marketing strategy and consumer behaviour q Indian consumer and his characteristics

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INTRODUCTION

All of us are consumers. We consume things of daily use, we also consume and buy these products according to our needs, preferences and buying power. These can be consumable goods, durable goods, speciality goods or, industrial goods. What we buy, how we buy, where and when we buy, in how much quantity we buy depends on our perception, self concept, social and cultural background and our age and family cycle, our attitudes, beliefs values, motivation, personality, social class and many other factors that are both internal and external to us. While buying, we also consider whether to buy or not to buy and, from which source or seller to buy. In some societies there is a lot of affluence and, these societies can afford to buy in greater quantities and at shorter intervals. In poor societies, the consumer can barely meet his barest needs. The marketers therefore tries to understand the needs of different consumers and having understood his different behaviours which require an in-depth study of their internal and external environment, they formulate their plans for marketing.

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2 Consumer Behaviour

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Management is the youngest of sciences and oldest of arts and consumer behaviour in management is a very young discipline. Various scholars and academicians concentrated on it at a much later stage. It was during the 1950s, that marketing concept developed, and thus the