What do you understand by consumer behavior?
This is actually so simple, and you can see its meaning coming to your head, ….
But for the sake of those who are still thinking, by consumer behaviour we mean how do behave as consumer in our daily life.
So we will be talking about some questions related the concept.
The first question is –
WHY DO WE NEED TO UNDERSTAND THIS ?
We are the consumers, so it should be in our best interests to understand how do we behave everyday in a certain way while shopping for the items which we won’t be needing as much we think we do. This is related to what we consume and why we consume it as a consumer of goods and services. Once you know, what you are consuming and why you are consuming it. Then comes the second question.
& second question –
HOW IT IS AFFECTING OUR LIVES FINANCIALLY ?
We should be interested to know how our consumption is affecting our lives Financially. Because Finance is one of the most important part of our life, if not the first. To live a happy & successful life our finances should be in good health. So ask yourself while shopping – IS IT REALLY WORTH BUYING,
For example – you wants a new car, then you need to buy a good car, NOT THE EXPENSIVE ONE.
There can be an exception when you can really afford it, There is a big difference between affording and buying, so let’s clear this concept.
By Buying we means you have paid the price and the thing is yours, The ownership is transfered to you, you can use it now and no one can stop you to use it, unless it affects the others in a harmful way.
By Affording we means you have to pay extra costs for the use of it, these costs may occur daily, weekly, monthly or yearly and some times suddenly too.
Take the above example of car, an average car can cost you anywhere between £10,000 to £ 15,000 and an expensive one in between £ 100,000 to £400,000 when you it for the first time,
Now comes the affording, when you buy a car there comes the other expenses with it like petrol or gas, (daily expense, if you drive daily), insurance (Mostly yearly expense), maintenance (may be monthly or quarterly). Bigger the price tag bigger these expenses goes. So now you got the idea. Can you really afford a Land Rover Range Rover Sports 5.0 ?
& third –
HOW MUCH OF OUR ACTIONS ARE UNDER OUR CONTROL ?
As a general observation we can say that, most of the population falls in the middle class category, all around the globe, and middle class is the one which consumes most.
So this the category where big businesses focus for the consumption (or to sell) of their products and services, by using methods of Marketing – Digital Marketing & Advertising.
Most of us are being controlled by our desires, to look better than our neighbours, to pretend that we are better than them Financially. This is how the human behaviour works, in the most cases, there can always be exceptions.
So when we see these advertisements, we temptation to buy raises and causes impulsive buying, which is not good in any case.
Advertising companies targets our impulsive buying behaviour to increase their sales, because they know us more than we do ourselves.
So we can say that our consumption behaviour is very less controlled by us and more by our desires or temptations.
Now comes the fourth and last question for today…..
& fourth and last for today –
CAN WE CONTROL AND CHANGE OUR BEHAVIOUR ? IF YES THEN HOW ?
Anyone can control and change their own behaviour. But first you need to understand how it works, then you have the power to change it according to you.
Steps to control and change behavior —
Step 1. Understand your behaviour.
Step 2. Analyze your behaviour, Find patterns.
Step 3. Figure out what needs to change.
Step 4. Apply.
Step 5 . Repeat it until you get the desired results.
Here is a TRUTH –
NOTHING WILL CHANGE UNLESS YOU PUT IT INTO WORK.