Consumer Behavior

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Consumer Behavior

Consumer Behavior

The topic consumer behavior can be made interesting if students try and study the topic with enthusiasm and applying their own thoughts to it as they themselves are consumers of many products.Thinking how? The term consumer includes anybody who purchases goods and services from market. The purchased item is liked by the person and is as per his or her taste, needs and means. Also it goes without saying that the goods or services purchased may be for personal use or they are bought for anybody else too.

The above said aspect can be easily understood with the following example. In this modern society, students are aware of the latest electronic gadgets available in the market and are the foremost users of these electronic gadgets. Manufacturers introduce a lot of gadgets and applications on the basis of market surveys amongst their customers and in one way or the other students form part of the company’s customer list. The above instance is only one aspect of students themselves be consumers and hence being able to know of the concept of consumer behavior better themselves.

Consumer behavior is a concept which studies when, why and how a consumer buys a product and the different stages a consumer goes through before actually purchasing an item for his or her use. They may end up buying product only if it is as per his expectations and satisfies his need and social status. There are times when a need arises not because the consumer does not already have the product or service but due to influence of social and advertisement factors and also due to some special occasions like festivals, important days of life (birthday, marriage etc). People usually follow particular brands and end up buying every time a new product is launched by the brand whether or not he/she needs the said product.

The study of consumer behavior can analyze the innovative ways manufacturers use to impress customers to improve consumer behavior. The trends of product launch and advertisement has changed in manifold ways to adhere to the ever changing demands and expectations of consumers. Online shopping channels, instant rewards, pop up shopping, e-commerce etc are some new concepts that have come up as part of the concept of experimental marketing which has started picking pace due to the above fact. Another such innovative trend is use of digital tools, social networking sites like facebook to offer better deals to surprise consumers and attract them to the new products and services which are launched. It will be of interest to study how consumer behavior is changing with each passing day and how manufacturers still find novel was to study their ideas and use them to attract more consumers.

Students can choose consumer behavior in the US cellular phone market as a separate case study and arrive at how, why and when consumers change their cell phones.

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