Buying Behavior

Posted in Marketing and Strategy Terms, Total Reads: 1071
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Definition: Buying Behavior

It is the sum total of the attitudes, preferences, beliefs and decisions regarding the consumers behavior when purchasing a product or service in a market. Broadly, there are four major factors that influence consumer buying behavior.

1. Cultural (Culture, Sub-Culture, Social Class)

2. Social (Reference group, Family, Roles and Status)

3. Personal (Age and Lifecycle stage, Lifestyle, Personality)

4. Psychological (Motivation, Perception, Learning, Beliefs & attitudes)


Buying behavior of a consumer goes through five stages:

1. Need Recognition: When a consumer is aware of a need which may arise from internal or external stimulus

2. Information Search: via Public, Personal, Commercial or Experiential process

3. Evaluation of alternatives: Consumers evaluate products and services by combining their brand beliefs and attitudes according to importance using the expectancy value model

4. Purchase decision: Influenced by brand, dealer, quantity, timing, attitude of others, unanticipated situational factors and perceived risks

5. Post-purchase behavior: Related to customer satisfaction, action, usage and disposal


Types of Consumer Buying behavior can be understood by four quadrants with Customer involvement and Brand differentiation as the two axes.

 


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