PM-Unit-2 Consumer Behaviour and Market segmentation
visit sugarybloom.blogspot.com Unit-2 Consumer Behaviour & Market segmentation Introduction Consumer buying behaviour- refers to the buying behaviour of final consumers - individuals and households that buy goods and services for personal consumption. All of these final consumers combined make up the consumer market. Factors influencing Consumer Behaviour Five main factors that determine consumer behaviour are namely 1) Psychological, 2)Social, 3)Cultural, 4)Personal, and 5)Economic factors. 1. Psychological Factors Human psychology is an integral factor that influences consumer behaviour although these factors aren’t exactly easy to measure. A few integral psychological factors driving the behaviour of consumers are : Motivation Motivation becomes a defining factor influencing a person’s buying behaviour. A popular motivation theory is Maslow's theory of hierarchy of needs in which he developed a model that lays the fo...