Consumer Behavior

Consumer Behavior is constantly changing, it is influenced by advances in technology, changes in the economy, and shifts in social and cultural norms. Businesses and marketers must stay adapt to the changes and readjust their strategies to meet the evolving needs and preferences of consumers. By understanding consumer behavior companies can make more informed decisions and crate effective marketing strategies that engage and retain customers which leads to business success. 

Consumer behavior is all about the study of how people make decisions on how to spend their time, money and effort on consumption-related items. Being able to understand effective marketing strategies and make informed decisions about product development, pricing and distribution will be a great advantage for your business. 

The several factors that can influence consumer behavior are:

Personal Factors- this includes income, age, education and personal values.

Psychological Factors- this includes motivation, perception, learning and attitudes. 

Social Factors- this includes family, friends and culture. 

One of the key concepts of consumer behavior is the buyers decision process- a series of steps consumers will go through when making a purchase. This process consists of problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation. 

*Think about what your consumer behaviors are, and feel free to comment below!*