What is Consumer Behaviour

1. MIT School of Distance Education What is Consumer Behaviour

2. What is Consumer Behaviour ? • Consumer behaviour encompasses the examination of how individuals make choices and take actions to acquire products or services that fulfill their desires and requirements. This field of study delves into various factors, both internal and external, that contribute to consumers decision-making processes. It includes investigating the emotional, cognitive, and behavioural reactions exhibited by individuals when considering, purchasing, and using goods or services. The ultimate objective is to identify and understand the factors that shape and influence consumers decisions when selecting and acquiring products. • • •

3. Factors Influencing Consumer Buying Behaviour 1) Cultural factors Cultural factors, such as culture, subcultures, and social class, play a pivotal role in shaping consumer behaviour. These elements exert a substantial influence on how individuals make decisions regarding the purchase of goods and services. In simpler terms, cultural factors significantly impact the way people choose and buy products, reflecting the values, norms, and social structures that shape their preferences and behaviours. 2) Social factors Reference groups and family are key components of social factors that impact consumer behaviour. In marketing strategies, social groups are leveraged to sway consumer purchasing choices. Essentially, using social groups in marketing is a method to shape consumer perceptions and decisions by aligning a brand with the preferences and aspirations of specific reference groups.

4. Factors Influencing Consumer Buying Behaviour 3) Personal factors Individuals with similar personal characteristics tend to demonstrate comparable purchasing patterns. Marketers analyze these personal factors to gain insights into consumer buying decisions and tailor their strategies to effectively reach and engage specific customer segments. 4) Psychological factors Basic human needs, stemming from both biological and psychological factors, drive individuals to find satisfaction through the acquisition of specific products or services. Maslow's hierarchy of needs theory outlines distinct life stages, illustrating that individuals prioritize fulfilling fundamental needs like hunger, especially when financial resources are limited.

5. Types of Consumer behaviour 1) Routine Buying Behaviour: Consumers engage in routine buying behavior when purchasing low-cost, frequently used products. They make these decisions quickly and without much deliberation. 2) Limited Decision-Making: In this type, consumers put in a moderate amount of effort into the decision-making process. It typically occurs when buying products that are more expensive or involve a higher level of risk, such as electronic gadgets. 3) Extensive Decision-Making: This behavior is observed when consumers invest significant time and effort in the decision-making process. It is common for complex and expensive products, like a car or a house.

6. Types of Consumer behaviour 4) Impulse Buying: Consumers make unplanned, spur-of-the-moment purchases without much thought. This often happens at the point of sale or in response to marketing stimuli. 5) Brand Loyalty: Some consumers consistently prefer a particular brand and show loyalty over time. They are less likely to consider alternatives and are more resistant to marketing efforts from competitors. 6) Online Buying Behaviour: With the rise of e-commerce, consumers exhibit specific behaviors online, such as comparing prices, reading reviews and seeking convenience in the shopping process. 7) Cultural and Subcultural Influences: Consumers' behavior is often influenced by cultural and subcultural factors, including values, beliefs, and customs that are part of their larger social context.

7. Why is consumer behaviour so important? Businesses dedicate considerable time and resources to develop their products or services. It is imperative that these offerings align with the preferences and requirements of their customers. Here are some important points why consumer behaviour is important in Marketing - 1) Better Marketing and Communications 2) Improve Customer Retention 3) Increase Customer Loyalty 4) Better Plan Inventory 5) Increase Sales 6) Research Competition

8. Master consumer behaviour - PGDM in Marketing Management A marketing manager is responsible for overseeing the promotion of a company's offerings, aiming to strategically advertise products or services. The primary objective is to draw in customers and improve the overall perception of the business within the market. The PGDM Marketing Management course aims to empower students with the expertise and capabilities needed for proficiently devising, executing, and evaluating marketing plans. With Post Graduate Diploma in Marketing Management course learn Communication Skills, Strategic Thinking, Market Research Skills, Leadership Skills, Customer Focus etc.

9. Why MITSDE ? • Develop analytical skills to forecast market movement, competitor strategies and growth rate • Learn Marketing Information System tools for effective CRM, implementation of marketing strategies and perfect the marketing mix • Evaluate and strategize according to the ethical and environmental scenario • Apply knowledge of concepts and tools to develop creative marketing strategies and overcome challenges • Learn the tools and techniques of Digital Marketing

10. Potential Careers Opportunities A full-fledged course in marketing shall prepare you to take up challenging roles namely: 1) Advertising Manager 5) Digital Marketing Manager 2) Advertising Art Director 6) Public Relations Manager 3) Market Research Manager 7) Business Development Manager 4) Marketing Manager 8) Brand Manager

11. About US MIT School of Distance Education is one of the largest distance learning center in India. We offer various Post Graduate Diploma and Certificate programs & Online MBA Course across various industry sectors that include Operations Management, Project, Information Technology, Banking and Finance, Digital Marketing, Business Analytics and many more. MITSDE has, an online assessment system, flexi-learning approach and provides state-of the-art Learning Management System (LMS) which is in line with its mission 'flexible learning opportunities anywhere, anytime, and to provide ultimate convenience, ease, and flexibility to our students.

12. Advantage of learning with MITSDE o Self-paced learning o Regularly updated syllabus o Live webinars and doubt solving sessions o Industry-relevant course offerings o Quick and highly-responsive student o Courses taught by Industry Experts support o Affordable courses o Dedicated student support team o No cost EMI options

13. Placement Record at MITSDE MITSDE has a dedicated Placement Cell providing 100% placement, CV building workshops and Career Counseling. Our Student Placement :

14. Placement Record at MITSDE

15. Contact Us Address: Email ID: admissions@mitsde.com MIT Alandi Campus, Pune Moshi-Alandi Road, Alandi-412105,Pune Maharashtra (India) Website: www.mitsde.com Phone: 9112-207-207 / 9028-258-800

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