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Understanding Consumer Behavior Factors

Consumer behavior is the study of how individuals and groups select and use products to satisfy their needs, significantly impacting the economy through production, distribution, and pricing. Key factors influencing consumer behavior include cultural, social, psychological, and situational elements, with various types of buying behavior identified. Consumers are aware of their spending relative to income, product availability, pricing, and product capacity, which are crucial in measuring satisfaction.

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7 views9 pages

Understanding Consumer Behavior Factors

Consumer behavior is the study of how individuals and groups select and use products to satisfy their needs, significantly impacting the economy through production, distribution, and pricing. Key factors influencing consumer behavior include cultural, social, psychological, and situational elements, with various types of buying behavior identified. Consumers are aware of their spending relative to income, product availability, pricing, and product capacity, which are crucial in measuring satisfaction.

Uploaded by

leregie leoligao
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Group 1

Consumer Behavior
Learning Objectives
• Define consumer behavior and its significance in
economy.
• Understand the key elements and processes
involved in consumer decision-making.
• Identify and describe the different factors
influencing consumer behavior.
• Understand and differentiate the types of
consumer behavior.
• And, Understand the Four Factors Consumers Are
Completely Aware of in Measuring Satisfaction
What is Consumer
Behavior ?
Study of individuals, groups, or
organizations and the processes they use to
select, secure, use, and dispose of products,
services, experiences, or ideas to satisfy needs
and the impacts that these processes have on
the consumer and society.

Key Elements:
Involves the entire process of decision-
making: from recognizing a need, to
information search, evaluation of alternatives,
purchase, and post-purchase evaluation.
Significance in
Economy:
Consumer behavior plays a crucial
role in the functioning of an economy,
influencing various aspects such as:
• Production
• Distribution
• Pricing of goods and services.
Factors Influencing
Consumer Behavior:
• Cultural factors (values, beliefs,
customs).
• Social factors (family, reference
groups, social class).
• Psychological factors (perception,
motivation, learning).
• Situational factors (environment,
time).
Types of Consumer
Behavior:
• Complex buying behavior.
• Dissonance-reducing buying
behavior.
• Habitual buying behavior.
• Variety-seeking buying
behavior.
Four Factors that consumer are
completely aware of in measuring
satisfaction:
• The spending on any good or services is
exactly equal to the individual's savings
and income.
• People are aware of the range of
products available in the markets.
• People are aware of the prices of the
products in the market
• People are aware of the capacity of the
product
References:
Henderson, V. & Poole, W.(1991). Principles of economics. D.C. Heath

Pagoso, C. et al. (2008). Principles of economics. Rex Book Store

Bhat, A. (2023, August 18). Consumer Behavior: Definition, factors and


methods. QuestionPro. [Link]
behavior-definition/

McFee, A. (n.d.). Understanding consumer behavior to influence the


decision-making process.
[Link]
THANK YOU!

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