Segmentation of Market (Market Segmentation) is concerned with dividing the total heterogeneous population into smaller homogeneous groups of customers who share similar needs and wants. Through market segmentation organizations identify different groups of customers in the market that can be targeted effectively with specific products and services and through aRead More →
Consumer research just like market research follows a series of steps for better decision making. Consumer research is carried out to understand how customers respond to various sales offers and advertising appeals, changes in consumer perceptions and attitude and forecasting future needs, taste & preferences of a consumer. Consumer researchRead More →
The Various Cultural and Social Factors that affect the decision making process for a consumer are: Culture Sub-culture Social Class Reference Group Opinion Leaders Family (1) Culture refers to the way of living of a group of people. It includes knowledge, belief, traditions, morals, values, customs and other such habitsRead More →
To understand Family influence on consumer behaviour lets first understand the important elements of a family. A family is an important element that affects the consumption and disposal of products by an individual. A family may be defined as two or more people living together, related by blood or marriageRead More →
In a Market, different consumers have different needs. As all consumers are unique they exhibit different behaviour while making a purchase decision due to various factors influencing consumer behaviour. Therefore it is important to understand the various factors influencing consumer behaviour. Factors Influencing Consumer Behaviour The Various factors influencing ConsumerRead More →
Consumer Decision Making Process Consumer Decision making is a process through which the customer selects the most appropriate product out the several alternatives. The Consumer decision making process consists of a series of steps that a buyer goes through in order to solve a problem or satisfy a need. They areRead More →
Consumer behaviour can be defined as the decision making process and physical activity involved acquiring, evaluating, using and disposing of goods and services. Consumer behaviour refers to the behaviour that consumer display in searching, purchasing, using, evaluating and disposing of products and services that they expect will satisfy their needs.Read More →
Lifestyle refers to the way consumers live and spend their time and money. It is determined by one`s past experiences, innate characteristics and life situations. Lifestyle of a person is typically influenced by his/her needs, wants and motivations and also by external factors such as culture, family, reference group and socialRead More →
Perception Perception is the process by which an individual selects, organizes and interprets stimuli into a meaningful and coherent picture of the world. It is how we see the world around us. Perception occurs when sensory receptors receive stimuli and categories them and assign certain meanings to them, dependingRead More →
A Reference group refers to a group of people you refer to, while making buying decisions. It is a group that serves as a reference point for an individual for his/her beliefs, attitude and behaviour. A group consists of two or more individuals who share a set of norms, values or beliefsRead More →