Trade and Consumer Behavior PDF

Trade and Consumer Behavior "These everyday items come from different corners of the world. But how does their journey from producers to consumers affect your decisions? Let’s unpack that today." What Is Consumer Behavior? Consumer behavior observes how people choose, use, and discard products an...

Trade and Consumer Behavior "These everyday items come from different corners of the world. But how does their journey from producers to consumers affect your decisions? Let’s unpack that today." What Is Consumer Behavior? Consumer behavior observes how people choose, use, and discard products and services, encompassing their emotional, cognitive, and behavioral reactions. Factors influencing consumer decisions Personal Marketing Economic Preference Campaigns Conditions s Group Purchasing Technologi Influence Power cal Factors  Occurs when consumers are highly involved in a purchase and perceive significant differences among brands. Complex Buying Behavior Marketing Approach: Provide detailed information, comparisons, and emphasize brand differentiation. Happens when consumers are highly involved but see few differences between brands. Dissonance-Reducing Buying Marketing Approach: Highlight benefits and Behavior reduce post-purchase dissonance with strong after-sales support. Characterized by low consumer involvement and minimal brand differences. Habitual Buying Behavior Marketing Approach: Focus on brand familiarity, repetitive advertising, and shelf visibility. Consumers have low involvement but perceive significant brand differences, often switching for Variety-Seeking Buying variety. Behavior Marketing Approach: Encourage trial of new products with promotions or emphasize unique features.  Place of Purchase Customers often split their purchases among various stores, even if all items are available in one location. For example, while a hypermarket may offer clothes and shoes, customers may still prefer purchasing those items from specific clothing brands. Understanding customer behavior regarding place choice will help you identify key store locations. This Photo by Unknown Author is licensed under CC BY-SA  Items Purchased Essential items may be bought in bulk, while luxury items are typically purchased less frequently and in smaller quantities. Factors such as perishability, purchasing power, unit of sale, price, and intended consumer base influence the quantity of each item bought. This Photo by Unknown Author is licensed under CC BY-NC-ND Time and Frequency of Purchase Customers expect service at all hours, especially in the era of e-commerce where shopping is just a few clicks away. Shops must align their services with customer purchase patterns, meeting demands at various times and frequencies. Seasonal variations and regional differences must also be considered. Method of Purchase Customers can either make in- store purchases or opt for online orders, paying via credit card or upon delivery. The method of purchase can influence customer spending, as online shopping may include additional charges like shipping fees.