COURSE NOTES FOR BMM 320: CONSUMER BEHAVIOR | TOPIC 1: INTRODUCTION TO CONSUMER BEHAVIOR
BUSINESS STUDIES COURSE NOTES FOR BMM 320: CONSUMER BEHAVIOR TOPIC 1: INTRODUCTION TO CONSUMER BEHAVIOR Definition Consumer behavior studies individuals, groups, or organizations and all the activities associated with purchasing, using, and disposing of goods and services. It refers to the actions of the consumers in the marketplace and the underlying motives for those actions. According to Engel, Blackwell, and Mansard , ‘Consumer behavior is the actions and decision processes of people who purchase goods and services for personal consumption’. According to Louden and Bitta , ‘Consumer behavior is the decision process and physical activity, which individuals engage in when evaluating, acquiring, using or disposing of goods and services’ IMPORTANCE OF STUDYING CONSUMER BEHAVIOR 1. Helps to achieve financial goals through increase of revenue: Through enabling the company to identify and satisfy the unfulfilled consumer needs bett...