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It refers to the behavior of the consumer towards the use of the use of the product and services. It is the study or branch of study to find out why, how and where the consumer reacts and in what manner. It involves buyer’s decision of buying the products and the services. The behavior of the consumers varies and differs from each other in different circumstances.
a. Attitude of the People – The attitude determines the liking or the disliking of the consumer for various products and the services. A person with higher attitude will not like the products that are cheaper and easily available, they will obviously like the products that are expensive and rarely available and not with all the people. The people who have lesser attitude will consumer even the cheaper products with satisfaction.
b. Lifestyle – The people who are earning more either from their jobs or the business will never buy cheap products but would prefer expensive products and services. For example the people who are chief executive officers of any company will never run Maruti 800 and would prefer Mercedes for driving.
c. Education Level – The people who are well qualified will buy products only after proper trial of the products and the services and will not pay for wasting money. Whereas the people who are less qualified and have not studied much would be easily duped by the companies for selling their products or the services.
d. Culture – As per the traditions, culture and the customs of the individual, the people change their choices and preferences. Societies, communities and countries are highly influenced by their cultural habits and situations that enamor the use of specific products or the services.
Consumer behavior differs from each other based of the experience and the age. The consumer with the age group of fifty to eighty years will have different liking than the youngster with the age group of eighteen to twenty years. Similarly the elderly people will not waste their money on shopping and prefer to do fixed deposits of their savings rather than spending extravagantly on shopping, whereas the youngsters or the people with lesser age group will prefer shopping and will not think from the longer perspective. So these factors are very important while considering the behavior of the consumers and the customers.
The psychology of consumer can’t be determined at every point of time as it changes with different situations and circumstances. The companies keep on changing the features of the products and the services as per the requirements as ones the consumer preferences changes, the company needs to bring about changes in its products and the services otherwise it will lose the brand loyalty of its consumers and hence the consumers will switch to various other products. And this way the company will have lesser sales figures and hence the profitability and the revenue figures will also decrease or minimize changing the conditions.
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