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Understanding The Most Vital Aspect Of Marketing
-Consumer Behaviour
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Definition of consumer behaviour

• Consumer behaviour is the most important part of
  marketing. It is the study of understanding how
  buyers make the decision of what product or
  services they want to purchase, need, or want. It
  is quite complicated to understand the behaviour
  or response of potential consumers regarding the
  new product or services launched. Consumer
  behaviour also helps companies to find out
  opportunities that are yet to accomplish.

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 Major factors that affect consumer behaviour

• For understanding how the market is affected by
  consumer behaviour, it is necessary to understand
  the three major factors that influence consumer
  behaviour.
• Psychological factors - The perception of a
  situation, consumers ability to understand the
  information, persons attitude and all the other
  issues that are unique to the thought process of
  buyers comes under psychological behaviour and
  affect consumer behaviour.
• Personal factors - The characteristics and
  perception that are specific to a single buyer
  and doesn't match the people within the community
  or group are termed as personal factors. It deals
  with the personal habit, behaviour, opinion,
  interest, and the decision-making process of an
  individual.
• Social factors - Social factors deal with
  different types of influencers such as consumers
  family, work community, social interaction,
  school circle, etc. It is also based on a
  persons income, social class, living standard,
  education, etc.

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Nature of consumer behaviour

• Nature of consumer behaviour that affects market
  behaviour as follows.
• Consumer behaviour constantly keeps changing
• It differs from consumer to consumer
• It also differs from country to country and
  region to region
• It is essential for marketers to have information
  regarding consumer behaviour
• It also differs from product to product

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Consumer behaviour hierarchy designed by Maslow

• According to Maslows theory of hierarchy,
  consumers behaviour moves from downward to
  upward and it depends upon the lowest unfulfilled
  needs.

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