Consumer Behaviour Report Assignment Example | Topics and Well Written Essays - 1500 words

Consumer Behaviour Report - Assignment Example Literature Review The main objective of marketing is to understand and satisfy the needs satisfy the needs and demands of the target market customers. The field of consumer behaviour studies the way groups, individuals and even organizations select, buy use, and dispose products or services. The study of consumer behaviour was a relatively new field of study till the mid 1960s (Bagozzi, Gopinath and Nyer, 1999). During that time the study of consumer behaviour did not have any history or body of research (Hines, Hungerford and Tomera, 1987). But then new disciplines were borrowed from various fields and disciplines of management science such as sociology, social psychology and anthropology. Consumer behaviour can be stated as the choice making process as well as physical activity that an individual engages in while acquiring, evaluating or disposing of goods as well as services (Balderjahn, 1988). The study of consumer behaviour and marketing go along parallel. A sound understanding of consumer behaviour is very important to the success of any marketing program. As a matter of fact the study of consumer behaviour is perceived as a corner stone of the overall marketing concept. The study of consumer behaviour has had major impact on the marketing strategies of a company. Study of consumer behaviour helps a company to understand the needs and wants of the customers (Stone and Gronhaug, 1993). Study of consumer behaviour helps marketers to select the target market segment having distinct set of needs and demands. It also helps the marketer to decide upon the marketing mix such as the product, price, place and promotion (Cesi and Olson, 1988). The study and knowledge of consumer behaviour is also quite important for the marketing of non-profit organizations such as hospitals, voluntary agencies. Various non- profit social agencies could be viewed as the sender of ideas looking to target groups of customers. Such organizations also include red-cross blood society (E dell and Burke, 1987). With respect to the present study one of the most important aspects would be the various factors influencing the consumer behaviour. It includes cultural, social, personal, psychological factors (Richins, 1997). The cultural factors include culture which is the most fundamental determinant of the behaviour of a person. Each culture has a set of subculture that consists of relatively smaller subcultures. Social classes are the relatively homogenous divisions of society that are hierarchical in nature. The social factors include reference groups and family (Andreasen, 2002). The reference group of a person include all the groups and individuals that have a direct or in direct influence on the individual. It could include celebrities endorsing product or even the peers and the friends of an individual (Burke and Edell, 1989). The family is also one of the most important parts of the overall consumer behaviour as a person mostly adopts the set of values and attitu des from family only. The personal factors include age, occupation, Economic circumstances, life style and personality of an individual. Psychological factors include motivation, perception, Beliefs, Attitudes, and Learning. Just like the factors influenci