Consumer behaviour is the study of how individuals, groups, or organisations select, buy, use, and dispose of goods and services. Basically, it is the study of the factors behind consumers’ purchasing decisions, such as why they are buying a product, what experience they are getting, what is driving their decision, and what utility the product will fulfil. All this information helps brands and companies understand the marketing strategies and decisions that will drive consumers to make purchases and increase the firm’s profits.
It is a process that starts when a consumer recognises a need to make a purchase and then analyses the experience they will get afterwards. Businesses need data about this behaviour to prepare strategies that attract consumers to spend on their brand over other brands and to gain profits in the long run.
There are some factors that motivate consumers to make buying decisions, such as:
- Psychological factors
- Emotional factors
- Cultural values
- Personal preferences
- Emotional condition
- Marketing strategies
Every brand has to analyse all of these factors before making marketing strategies because they help them create schemes, deals, products, offers, branding, packaging, and labelling accordingly, so that they can stand out from other brands in the long run and increase their goodwill in the market.