Published by MBA Skool Team, Last Updated: January 22, 2018
What is 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)
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.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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