Course Hero Logo

Chapter 2.pdf - Unit-2: Consumer Behaviour & Market...

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 - 2 out of 40 pages.

1Unit-2:ConsumerBehaviour&Market Segmentation#Consumer Behaviour and Decision MakingConsumer-DefinitionA consumer is a person or a group who intends to order, orders, or uses purchased goods,products, or services primarily for personal, social, family, household and similar needs, not directlyrelated to entrepreneurial or business activities.A consumer according toOxford dictionary, “a person who purchases goods and services forpersonal use.”Definition of consumer according to consumer protection Act 1986, “A consumer is definedas a person who buys any good or avails a service for a consideration. It does not include aperson who obtains a good for resale or a good or service for commercial purpose. It coverstransactions through all modes including offline, and online through electronic means,teleshopping, multi-level marketing or direct selling.”Consumer Behaviour:Consumer behavior can be defined as, thedecision process and physical activityindividualsengage in whenevaluating, acquiring, using or disposingof goods and services.Consumer behaviour is, the behaviour that consumers display in searching for, purchasing, using,evaluating and disposing of products and services that they expect will satisfy their needs. It isthus, a study of how individuals make decisions to spend their available resource, like time, money,effort on consumption related items.The process whereby individuals decide whether, what, when, where, how and from whom topurchase goods and services.Consumer behavior refers to the actions and decision processes of people who purchase goodsand services for personal consumption.According to Engel, Blackwell, and Mansard, ‘consumer behaviour is the actions and decisionprocesses of people who purchase goods and services for personal consumption’.According to Louden and Bitta, ‘consumer behaviour is the decision process and physical activity,which individuals engage in when evaluating, acquiring, using or disposing of goods and services’.Nature of Buyer behaviour:1. Complex in Nature:Consumer behaviour is complex in nature as all persons differ in their needs andwants. Each individual has their own unique needs and accordingly, they behave differently in the market. Itis a very difficult task for marketers to recognise the needs and patterns of each individual. Therefore, itUnit 2: Consumer Behaviour & Market Segmentation (12 Hrs.)Introduction to CB:Factors influencing Consumer Behaviour; Buying Decision Process; Theories of ConsumerDecision MakingMarketing Research:Key terms and process of market research; Role of Market Research in the decision-makingsystem.Market Segmentation, Targeting, Differentiation & Positioning:Levels of Segmentation; Basis for SegmentingConsumer and Business Markets; Market Targeting, Developing, Communicating and Positioning Strategy.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 40 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
N/A

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture