Consumer behavior entails a study of individuals, organizations, or groups and the process used in selecting, securing, using, and disposing of products, ideas, experiences, or services so as to satisfy their needs. It mainly attempts to understand the characteristics of the individual consumers in terms of behavioral and demographic variables Brodie (2013, pp. 105-106). It’s referred to as the psychology of marketing as it encompasses the psychology of how the consumer is influenced by his or her environment in terms of signs, media, family, and culture. The study of the consumers will thus help organizations and firms to improve their marketing strategies by way of understanding issues such as how consumers feel, reason, think, and select different alternatives such as; products, retailers, and brands.
Though the consumer perception of price, quality, and value are considered pivotal determinants of shopping behavior and product choice (Doyle 1984). Perceived quality is different from actual quality, with higher abstraction than a specific attribute of a product. On the other hand, the consumer’s perspective price is what is given up or sacrificed to obtain the product. Then the perceived value is termed as a wide variety of attributes and higher-level abstractions that provide value to consumers. The three concepts are interrelated in consumer behavior, a product has to be developed to match or harmonize the three. Apart from this perceived risk is an equal aspect to…
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