Marketing plays an important role in developing a product by creating a need in the mind of the consumer; essential element of marketing is consumer behavior which is study of buying pattern of consumer, why a consumer give preference over one product to another product, what are the factors which effect consumer buying behavior, what is the effect of word of mouth in consumer buying.? Just because of its important many students who wish to have marketing as majors also plan to take any theory or issue of consumer behavior as their topic of discussion in their marketing dissertation.
In general there are 4 factors which can affect or determines consumer behavior.
- Psychological: in these factors consumer buying behavior may get effected by the psychological factors such as motivation, perception, word of mouth, learning etc
- Personal: in these factors buying behavior may get affected by personal traits such as life styles. Age, profession.
- Social: in these factors we try to analyze how consumer’s friend, family and social circle affects his buying decision.
- Culture: culture also play a crucial role in affecting and molding consumer behavior in affecting through social class, sub-culture.