Consumer Behaviour: An Unpredictable Factor That Rules The Market Scenario

In today’s era, a business is successful if it cares for its consumers and studying consumer behavior is one of the many ways of doing that. Consumer behavior essentially refers to the study of individuals, groups or organizations and all the activities related to the purchase of goods and services. In other words, it is the process of analyzing anything and everything that influences customers’ buying decision. Marketers can leverage the power of consumer behavior to create fruitful marketing strategies and make the most out of them. 

What Are Consumer Behaviour And Its Importance? 

Consumer Behaviour can be defined as the study area of individuals, groups of people or organizations as a whole and their ways of selecting, utilizing and disposing of products or services to impact society and marketing trends. This study tends to understand the decision-making process of the buyers to the extent that an essay can be written on it. 

This study applies concepts from other subjects like Sociology, Economics and Marketing to study characteristics of individual consumers like Demographics. A crucial factor for Consumer Behaviour Analysis is Relationship Marketing as it reaffirms the importance of the customer. 

The buyer purchasing choice procedure and customer conduct examination are the keys to realizing how to showcase your items such that is certain to draw a deal. Put your item beside many others and with the correct bundling, promoting, and arrangement, it will be the one buyers pick each and every time. 

What Is A Consumer Behavior Model? 

Consumer behavior model is designed to answer one question at one point in time. Such a model is generally based on data mining of customer data. There are a number of consumer behavior models. However, four major models are employed around the globe: 

• Economic model 

This model assumes that a consumer's buying decision is highly influenced by the purchasing power and the cost of competitive products. That is because every consumer wishes to get the maximum profits while spending the least possible price. With that in mind, every consumer tends to allocate his/her expenditure over different products at a given price. 

• Learning model 

Learning model helps marketers promote the association of products with strong drivers and cues, which would lead to positive reinforcement from the consumers. Marketers can study consumer behavior towards different marketing situations and learn what situations can be beneficial for the business. Thereafter, all their marketing strategies can be planned accordingly to boost sales and hence, profits. 

• Psychoanalytical model 

The psychoanalytical model states that consumer behavior is affected by both the conscious and the subconscious mind. It further states that a consumer's buying decisions and behavior are influenced by the three levels of consciousness, namely:

• id
• ego
• superego

So, marketers should focus on elements that affect a consumer's mind. One such element is the company's logo that may have a lot of hidden meanings. Striking just the right chords can help appeal to a consumer and convince him to buy from you. 

• Sociological model 

A sociological model takes into consideration the fact that every consumer is a part of society. The model states that every decision that a consumer makes is influenced by different sets of a society. Marketers can readily study the common behavior patterns of different groups or segments of buyers and work out strategies to influence their buying decisions. 

What Are The Factors Influencing Consumer Behavior? 

Marketers are required to analyze what drives consumers to choose a particular product with respect to others. In most of the cases, it is seen that the major factors affecting customer behavior are as follows. 

• Purchasing power 

The most important factor influencing consumer behavior is purchasing power. A consumer would buy something that fits his budget. No matter how great a product is, a consumer won't buy it if it is beyond his purchasing capacity. before making a decision to buy and products or services. Products that do not meet the purchasing power of consumers are sure to affect the sales of a company. So, it's imperative that a company segments consumers based on their buying capacity to achieve better results. 

• Culture 

Culture is yet another important factor that plays a significant role in determining consumer behaviour. This factor can be broken down into three parts, namely:  

• Culture: 

Culture can be defined as a central concept in anthropology, encompassing the range of phenomena that are transmitted through social learning in human societies. It consists of human society, its behavior and customs, and the roles that society plays. 

• Sub-culture: 

A subculture includes  the nation, the religion, racial groups and also groups of people located in the same geographic location 

• Social class: 

This includes the income and other related factors that describe the class of a consumer within the society. 

• Advertisements 

As a matter of fact, consumers are largely influenced by the advertisements they watch on various digital platforms. Advertisements have often been seen to affect the market shares of competitive industries by influencing the purchasing decisions of consumers. 

• Social factors 

Next, come the social factors. These factors can be subdivided as follows: 

• Reference groups
• Family
• Role and status 

Consumers often follow or are a part of certain reference groups. These groups readily influence the purchasing decision of a consumer. Apart from this, a consumer's family also plays a major role in influencing this decision. Lastly, people who belong to different organizations, groups or club members have a status to maintain. These roles and status further affect whether a consumer buys a particular product or not. 

• Personal preferences

Every consumer has certain likes, dislikes, morals, priorities, and values. What one may like may not be that appealing to the other. The personal opinion of a consumer plays a significant role when it comes to industries like fashion, skincare, and so on. So, marketers need to consider the personal preferences of their target customers in their mind while creating marketing opportunities so as to boost their profits. 

So, these are the major factors influencing a consumer buying pattern. Marketers need to consider these when planning marketing strategies to woo their target customers. 

Examples Of Consumer Behaviour 

Concepts can be better understood with the help of examples. Here are two examples to make the concepts clear: 

• Example 1:

Consumer behavior based on:

• Direction Factor (that tells the type of products a consumer wants to buy)
• Intensity Factor (that tells the number of products a consumer wants to buy)

Many people decide on the basis of "Direction Factor" when buying pain relief toothpaste rather than a mouth freshening toothpaste due to increasing teeth problems. Most consumers prefer to buy more quantity of pain relief toothpaste that minimizes tooth sensation rapidly rather than a slow working counterpart as per the "Intensity Factor". 

Example 2:

Consumer behavior based on

• the risk involved in the purchase and
• the importance of the purchase.

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References: 

• https://www.slideshare.net/VikramNani/models-of-consumer-behaviour-27197582
• https://bizfluent.com/info-8083297-different-models-consumer-behavior.html