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Consumers are people who use goods or services that they previously purchased for personal purposes. Consumer behavior in the economy is understood as nothing more than the behavior of consumers in the process of their participation in the functioning of economic systems (Hawkings & Mothersbaugh, 2010). It is often identified with activities directly related to the acquisition, consumption of ideas, services, and products (or rejection of them), including decision-making processes that precede or follow this activity. In this essay, I will address the course’s primary outcomes and how marketers can use specific strategies in brand creation.
Primarily, I learned that the concept of consumer behavior reflects the process of the formation of demand for economic benefits provided by consumers, taking into account their income and preferences. Moreover, there are three fundamental factors that determine buyers’ behavior in the market. They are income level, personal preferences, and selling prices for goods and services. Apart from these pivotal incentives, consumer behavior and its specifics are also influenced by other socio-cultural, psychological, and personal factors (Hawkings & Mothersbaugh, 2010). This knowledge will help me identify what causes particular behavior when I need to purchase. Additionally, knowing my income, I will select things and services that I can afford instead of buying cheap or costly stuff.
Another increasingly informative aspect is that consumer behavior can be divided into several types. The most widespread type is considered to be the variety-seeking consumer. By itself, the possibility of choice is regarded as a benefit (Hawkings & Mothersbaugh, 2010). Habitual buying behavior manifests itself under the condition of low consumer involvement and a slight difference between the goods. Uncertain purchasing behavior is observed in situations with a high level of involvement; when the product is expensive, the purchase is associated with risk, and the difference between products of different brands is slight. Complex purchasing behavior is observed in a situation where a high degree of consumer engagement is accompanied by significant differences between other brands of goods. This typically occurs when the product is costly and is related to the purchase. Being aware of this behavioral model as a customer, I will pay attention to my own purchasing habits and try to alter the pattern if I notice issues. For instance, if I express uncertainty while selecting an item, I will evaluate the benefits and drawbacks of purchasing it.
The material from the course can be widely implemented in marketing practice, especially for those who plan to open their own brand. Again, knowing the behavioral models, a marketer can apply particulate tactics. For example, when one encounters a habitual consumer, they may stimulate demand by reducing prices and sales. Otherwise, it is recommended to create a brand image and associate it with life situations (for instance, to show that it is customary to relax and warm up over a cup of coffee). In addition, they can attract a specific audience by knowing the customers’ preferences.
In conclusion, consumer behavior is helpful for both marketers and buyers themselves. It greatly helps trace one’s purchasing behavior and develop strategies to deal with different customers. Mainly, it is vital for marketers that aim to expand their business, influence clients and make a profit. In general, the course provided profound knowledge on consumer behavior and its basis, which can be easily applied to practice.
Reference
Hawkings, D., & Mothersbaugh, D. (2010). Consumer behavior: Building marketing strategy (11th ed.). McGraw-Hill Irwin.
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