What is Consumer Behavior? (With Real World Examples) | From A Business Professor

TL;DR

This video explains consumer behavior, which encompasses the decisions consumers make in acquiring, consuming, and disposing of goods and services.

Transcript

hello everyone welcome to business school 101 as a consumer you may experience marketing transactions every day for example you might want to have a cup of coffee at a Starbucks and decide what kinds of coffee and size you want to have you might also consider buying a drink using the Stars on a Starbucks loyalty card that you earned similarly to th... Read More

Key Insights

• 👋 Consumer behavior encompasses the decisions consumers make in acquiring, consuming, and disposing of goods and services.
• ⚾ The acquisition phase involves comparing options and choosing offerings based on criteria.
• ❓ Consumer satisfaction or regret arises during the consumption phase, influencing reviews that impact other consumers.
• 👰‍♀️ Disposition involves getting rid of offerings through various means, including recycling or selling.
• 🧑‍🏭 Consumer behavior is a dynamic process that occurs over time and involves multiple decision-makers and factors.
• 🧑‍🏭 Psychology explains internal consumer processes like motivation and perception, while sociology explains external factors such as culture and social influences.
• ❓ Understanding consumer behavior benefits marketers by improving marketing strategies and fostering consumer relationships.

Summary & Key Takeaways

• Consumer behavior involves the decisions consumers make when interacting with marketing stimuli in various situations, including acquiring, consuming, and disposing of goods, services, and experiences.

• Consumers compare options and choose offerings based on their criteria during the acquisition phase.

• After acquisition, consumers use the offerings and provide reviews that influence other consumers. Finally, consumers dispose of the offerings through various methods, including recycling or selling.