MBA-304-M1-SM01 a brief study how to make analysis

hi there

1. Consumer Behavior
Mr. Rohit Dhyani
Assistant Professor
Department of Management
Uttaranchal Institute of Management
Uttaranchal University (NAAC A+)

2. Consumer Behavior
Welcome to the world of consumer behavior! In this presentation,
we'll explore the fascinating study of how people make decisions
related to goods and services.

3. Definition of Consumer Behavior
Consumer behavior encompasses all the actions involved in acquiring,
consuming, and disposing of goods and services. It's not just about buying, but
also about the process of making decisions, searching for information, and
interacting with brands.
The Buying Process
From identifying needs to
evaluating choices, the buying
process involves several stages.
Consumer Preferences
Understanding individual
preferences is crucial for
understanding consumer
behavior.
Post-Purchase Behavior
Consumer behavior doesn't end with purchase, it extends to how
consumers use, dispose of, and talk about their purchases.

4. Importance of Understanding Consumer
Behavior
Understanding consumer behavior is crucial for businesses to succeed. It allows them to tailor their
products, marketing strategies, and customer experiences to meet the specific needs and desires of their
target audience.
1
Effective Marketing
By understanding consumer needs,
businesses can create targeted campaigns
and messages that resonate with their
customers.
2
Product Development
Consumer insights guide product
development, ensuring that new products
meet real market demand.
3
Customer Retention
Understanding consumer behavior helps
businesses build strong relationships with
customers, leading to increased loyalty and
repeat business.
4
Competitive Advantage
Businesses that deeply understand their
customers can gain a competitive
advantage by offering superior value and
experiences.

5. Factors Influencing Consumer Behavior
Numerous factors influence consumer decisions. These factors can be internal, such as psychological motivations, or
external, including social and cultural influences.
Psychological Factors
These include motivation,
perception, learning, attitude, and
personality.
Social Factors
Social influences, such as family,
friends, reference groups, and
social class, play a significant role in
shaping consumer choices.
Cultural Factors
Cultural norms, values, beliefs, and
traditions shape consumer behavior.
These factors often influence
preferences for products and
services.

6. Psychological Factors
Psychological factors encompass internal processes that drive consumer behavior, including needs, motivations, perceptions, attitudes, and
personality.
Needs & Wants
Basic needs, such as hunger and thirst, and higher-level needs, such as belonging and self-esteem, influence consumer choices.
Motivations
Motivations, or the reasons why people buy, are driven by psychological and emotional factors.
Perceptions
How consumers perceive information, such as advertising or product reviews, shapes their choices.
Attitudes & Beliefs
Attitudes and beliefs towards a product or brand can significantly influence purchasing decisions.
Personality
Personality traits, such as risk aversion or openness to new experiences, can affect consumer choices.

7. Social Factors
Social factors, such as social groups and relationships, significantly impact consumer behavior.
These influences shape our perceptions of products and services and often drive our choices.
Family Family members heavily influence
purchasing decisions, especially for
household goods and services.
Friends Friends often share opinions about
products and services, leading to peer
influence.
Reference Groups Groups that consumers identify with and
whose opinions they value can shape
their buying habits.
Social Class Social class, based on factors like income
and education, influences consumer
preferences and spending habits.

8. Cultural Factors
Cultural factors, including values, beliefs, and traditions, have a profound impact on consumer behavior. They shape our perceptions of the
world and influence our preferences for products and services.
Values
Cultural values, such as
individualism or collectivism,
influence purchasing
decisions.
Beliefs
Beliefs about products,
services, or brands, often
rooted in cultural traditions,
can influence consumer
choices.
Traditions
Traditional practices and
customs can influence
consumer preferences and
consumption patterns.
Language & Communication
Cultural differences in
language and communication
styles can impact marketing
strategies and consumer
responses.

9. Economic Factors
Economic factors, including income, inflation, and economic stability, play a crucial role in influencing consumer behavior. They affect
consumers' purchasing power and spending patterns.
1
Income
Income levels directly impact consumers' ability to
purchase goods and services.
2
Inflation
Inflation can decrease purchasing power, leading
consumers to make adjustments in their spending habits.
3
Economic Stability
Economic stability provides consumers with confidence
in their financial situation, leading to increased spending.
4
Interest Rates
Interest rates can influence consumer borrowing and
spending decisions, affecting major purchases like
homes and vehicles.5
Disposable Income
Disposable income, the amount of money available for
spending after essential expenses, impacts purchasing
choices.

10. Reasons for Studying Consumer Behavior
Understanding consumer behavior is essential for marketers, businesses, and individuals alike. It
provides valuable insights into consumer motivations, preferences, and decision-making processes.
1
Market Segmentation
Consumer behavior research helps
businesses identify and target specific
segments of consumers with tailored
marketing strategies.
2
Product Development
Understanding consumer needs and
preferences guides the development of
products that meet market demand.
3
Effective Marketing
Consumer behavior research provides
insights into how consumers respond to
marketing messages and campaigns,
leading to more effective marketing
strategies.
4
Personal Decision Making
Understanding consumer behavior can
help individuals make informed
decisions about their own purchasing
choices.

11. Implications for Marketers
Marketers can leverage their understanding of consumer behavior to create effective marketing campaigns, build strong
customer relationships, and drive sales.
Targeting
Understanding consumer
demographics, psychographics, and
behaviors allows marketers to target
specific segments of consumers with
tailored messages.
Customer Engagement
By understanding consumer
preferences and motivations,
marketers can create engaging
content and experiences that resonate
with their target audience.
Customer Relationship
Management
Understanding consumer behavior is
essential for building strong
relationships with customers, fostering
loyalty, and driving repeat business.

12. Thankyou