Buyer behavior, also known as consumer behavior, involves identifying the factors that influence an individual’s purchasing habits. Key factors include societal role, goals and aspirations, cultural conditioning, and peer pressure. Manufacturers must consider who, what, when, where, and why consumers are likely to buy their products to profile buyer behavior accurately.
Also known as consumer behavior, buyer behavior has to do with determining which specific factors influence an individual’s buying habits. By accurately evaluating the decision-making process of buyers in different situations, it is easier for companies to identify groups of consumers who are more likely to demonstrate interest in the products manufactured by those companies. While there are many different concepts of what affects buyer behavior, most approaches make use of a central group of factors.
One of the key factors that make a difference in buyer behavior is the role that the individual plays in society. For example, people who are parents of young children will have a different set of priorities when it comes to purchasing goods and services than individuals or couples who have no children in the home. Similarly, the consumption habits of someone who earns an hourly wage are likely to be different from those of someone who works in a paid position. There is also some difference between the shopping habits of people who are part of a couple and those who are not currently romantically involved. This is because product purchases tend to include input from the romantic partner and may be aimed at meeting the needs of the couple rather than an individual want or need.
Consumer goals and aspirations also play an important role in buyer behavior. Often, those goals will help determine whether the consumer will attempt to save money to achieve the goal, or is open to using credit of some sort to purchase desired goods. For example, an individual may be willing to purchase a home using a mortgage, but at the same time be somewhat reluctant to purchase a new television on credit. In this scenario, the consumer is likely to seek a mortgage that offers the most desirable terms, including a low interest rate. At the same time, the consumer will be looking for possible sales prices on televisions and will eventually find the right set that meets his expectations both in terms of quality and price.
Cultural conditioning and peer pressure also influence buyer behavior. In some cultures, simplicity of life is considered a virtue. In this type of setting, consumers tend to focus more on purchasing goods that are useful rather than merely decorative. They are also more likely to be interested in purchasing products that will provide satisfaction over a longer period of time, even if the purchase price is higher than the price of similar products with a shorter life expectancy. Someone who craves simplicity can buy furniture made from hardwoods that will stand up to constant use for decades, while forgoing buying furniture made from pressed wood or other materials that tend to wear out in a few years.
When evaluating buyer behavior, it is important to consider the issues of who, what, when, where and why. This means manufacturers need to ask who is likely to buy the products they offer and why they would like those products. At the same time, questions about when consumers would be interested in buying products and where they would be more likely to buy them are also important. Finally, identifying which factors are most likely to increase the desirability of such products and thereby motivate consumers to make a purchase is of utmost importance to any attempt to profile buyer behavior. As circumstances change over time, the process of evaluating and responding to consumer behavior is ongoing and is always needed or adapted to current circumstances.
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