Consumer behavior

Welcome to our lecture on consumer behavior. To understand why consumers make certain choices, we draw on disciplines like psychology, economics, sociology and anthropology, all offering insights into marketplace behavior. Consumer behavior covers more than just purchasing. It includes how individuals and groups select, buy, use, and dispose of products, as well as how they form attitudes and responses towards brands and experiences. Understanding these processes helps organizations tailor marketing and build long term relationships with customers. At the heart of consumer behavior is the decision making process, which involves several stages. Consumers first recognize a need or problem motivating them to act. They gather information, drawing from personal experiences, advertising or word of mouth, as they evaluate options, perceptions, attitudes, personal values, and risk avoidance all factor in. Finally, they make a purchase and reflect on the outcome shaping future behavior. Psychological, social, and situational influences interact dynamically, highlighting the importance of understanding how these factors shape each consumer's journey. Consumers now expect more than just functionality. They're seeking experiences that engage their senses and fit their values. Sensory marketing, using cues like sight, sound, and touch strongly influences perceptions and purchase decisions. Emotional factors such as belonging, status,