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.

Questions & Answers

Q: What does consumer behavior refer to?

Consumer behavior refers to the 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.

Q: How can understanding consumer behavior benefit marketers?

Understanding consumer behavior allows marketers to develop effective marketing strategies, identify target consumers, properly position products in consumers' minds, build long-term relationships, and increase sales.

Q: How can non-profit organizations benefit from studying consumer behavior?

By studying consumer behavior, non-profit organizations can understand the motivations of consumers who are willing to donate and develop strategies to increase donations. For example, understanding that thinking of time makes consumers more emotional can guide donation campaigns.

Q: How can learning about consumer behavior benefit consumers?

Learning about consumer behavior helps consumers make better decisions when faced with numerous marketing stimuli. It enables them to understand their own motivations, influences, and needs, leading to more informed choices.

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.