People make use of different products and services every day. There is a reason why they do that. The reason for purchasing, using and disposing these products is influenced by certain factors. The behaviour of consumers help manufacturers and marketers determine how new customers will respond to their products and it also gives the manufacturers opportunity to focus on areas where there is need for improvement.
What is consumer Behaviour?
This is the study of consumer decisions influencing the products purchased, used and disposed. Understanding consumer behaviour gives the manufacturer and marketer an insight about the use and image of their products/services.
In the study of consumer behaviour, understanding the attitude, priorities and tendencies of consumers will be very helpful for manufacturers when considering the purpose for producing new products, and for marketers, when considering the best ways for showcasing the products.
What are those things that influences the decision of the consumer.
This is the most important thing to consider depending on the product to be produced or service to be rendered. The understanding of a consumer’s purchasing power influences the manufacturer’s decision in terms of what to produce, how to produce and for whom to produce. Consumers are concerned about their purchasing ability. If the cost of a product or service rendered goes beyond what consumer can afford, then such consumer will be forced to opt for a product or service that best suits his/her finance.
This is a long age tradition for marketers that never die. The influence of advertisement can never be overemphasized as the scope is now broader due to technological advancements. With proper AD’s, a product or service with little subscription can become a competitor in the market. The use of good visuals backed up with good colours, phrases, songs and success stories of the brand is key to a successful advertisement. An AD is successful when it influences the decision of a consumer to purchase a product or subscribe to a service.
People are very difficult to predict when it comes to their likes, dislikes, activities, appearance, food, personal space etc. These things have a way of influencing the decisions of consumers. As a manufacturer, considering varieties of the behavioural pattern of consumers before production makes it easy to understand that consumers will only subscribe to what suits them.
Generally the economy of a country greatly influences the decision of a consumer. When the general price level is high, people curtail spending and focus on the most important things that matter to them. When the economy is good, price level is affected positively and consumers tend to buy more because their finances are capable of affording what they want.
Almost everyone belongs to a group in the society – work, family, school associations, religious organizations etc. These groups have been identified to influence the purchasing decisions of individuals. The use of a particular product or service with positive result or less financial burden as confirmed by a member of a group is enough for other members of the group to adopt that product or service.