This work and the attempt made in that regard is to undertake an analysis of 'Consumer Behavior' and its many components that are considered to be one factor of marketing principle and its strategic formulation that marketers invigorate. It is important in order to have an understanding of consumer buying power and the decision they reach in that capacity. Thus, the structure of this work overall is differentiated in theoretical understanding of the term and components of consumer behavior approach, which marked the overall study and its conclusion that is derived from the theoretical study and its assimilation in brief.
In the globalised market place today the essence of consumer behavioral and its study is very crucial to maintain a close knit understanding of the market and most importantly the behavior of consumers or buyers.
The significance of market behavioral study and understanding of consumer's behavior can be viewed from many premises. However, the central of it all can be augmented in context of the adage 'consumer is king' - which is a reality of sort in a consumerism setup in the globalised market place today.
Hence understanding consumer behavior is crucial and significant for many reasons, be it the marketing aspects, market research, or the psychological dimension that concludes consumer attitude and buying attitudes.
Essay Purpose and Issue in Contention
As a matter of fact, the globalization of the market place itself has given a new dimension for marketers to push their product in the market in many different ways.
However, the very basis to gain market holding in a competitive arena as can be emphasized to the current market place is to have a better understanding of market behavior, especially that factor which concerns consumer behavior, who commands a considerable place in the market.
Hence, from these points in short we can comprehend as where to derive the essence and meaning of consumer behavior and its issue in contention. As we have maintained, understanding consumer behavior is important for many reasons. In the same tune, the issue that composed in consumer behavioral understanding also is no different.
Thus, it should be clarified that the objective if this work in brief is to be taken a fragmented analytical study on the many aspects of marketing, whereas the study and its analysis limits its focus on the theoretical terms attached to 'consumer behavior' and its study. The attempt thus is to derive an understanding of the meaning, its significance and approach towards consumer behavior, which the following paragraph and its discussion relate towards.
The Idea behind Consumer Behavior and its Meaning
Consumer behavior as the phrase of the term suggests is directly linked towards the object of consumer or buyers and their behavior in contention. To understand the very essence of consumer behavior, it is also appropriate to define the same.
In another word, consumer behavior can simply be defined as that branch of the knowledge that "reflects the totality of consumer decision with respect to the acquisition, consumption and disposition of goods, services, activities, experience, people and ideas as well as decision making traits that consume people over a period of time." (Wayne D. Hoyer, 2009, p. 3) Such scenario verily claims its place of representation in market scenario, where buyers and seller meets, and wherein buyers are the head hunters for the best available good and services in the market.
From assimilating this notion as described above, we can drive home the idea also that germinates from it. Consumer behavior as we can understand is not only that aspect which considers or take into account the notion of individual and their buying habits. Although, consumer behavior defines the realms that encompasses also the decision that individuals undertake.
As per scholastic notion and their understanding of the same, consumer behavior is somewhat a "subset of human behavior that is significant to derive an understanding in a broader context when it concern with individual consumerism and in particular human behavior their materialistic approach of the same." (David. L. Loudon, 2001 , p. 8)
Hence, what we can derive home from the above scholastic point is that consumer behavior links itself to the innate study of behavioral aspects and composed that knowledge that marketers bank on heavily. Given the advancement in marketing features, marketers initiate different approach to understand consumer behavior as an attempt to derive a conclusive analysis for strategy formulation that is sure hit factor.
Thus, to derive an understanding of the overall aspects encompassing consumer behavior, the following paragraph elaborate the very crucial element attached to it, which differentiate marketing and consumer behavior.
Marketing Features and Consumer behavior
From a business perspective, the two elements are linked to one another. In simple term it can derive that the many aspects and scenario encompassing consumer behavioral study and its analysis are directly linked to marketing features that organization initiates. There is no doubt in that. Take for example the following idea that erupts, which when we link from a business and marketing perspective, the attempt made towards marketing research that also account towards consumer behavioral study as a discipline links itself towards the significance that is attached in our lives.
In a more general sense, scholars have acknowledged the facts that "the most important reason for studying consumer behavior is the important role it plays in our lives. For examples, much of the time we spent in our life is directly linked to market place, shopping, buying, and engaging ourselves in the marketing channels that floods the market." (David. L. Loudon, 2001 , p. 8)
Thus, the very idea that germinates from consumer behavior and its study is the significance that its plays in our day to day life. Besides, many behavioral aspects that are considered to be a part of our life also can be linked to the feature that connects and connotes towards consumer behavior. As we can emphasize from a consumer perspective, it is important to also understand the consumer behavior and its knowledge to be well ahead in time to take advantage of the marketing features that corporation initiates.
The Essence of Consumer Behavior and its Study
To begin with firstly in this note, often we ask as to why to it is important to understand consumer behavior? Besides, what is the significance of it?
Moreover, as consumers "the basis to understand the working knowledge of consumer behavior also can be emphasized in consideration of the conceptual knowledge and its application in day to day life. Most of the time decision that is made is succinctly reached as one aspect of applied behavior." (David. L. Loudon, 2001 , p. 8)
Furthermore "consumer behavior as a subset of human behavioral study is one subject that links also with "psychology, sociology, and the components of socio psychology, economics and its disciplines as well as anthropology." (David. L. Loudon, 2001 , p. 8)
These points in contention give some notion as to derive the essence attached to consumer behavioral study and its discipline, which impact our lives in many different ways.
Consumer Behavior and its Approach
Speaking of consumer behavior and its approach, the concept of it can be also viewed and emphasized from many dimension. Take for example the marketing aspects attached to it. On the other hand, it also involves factors from marketing perceptive an initiatives undertaken to understand individual buying behavior or the decision capacity in that regard.
As per scholastic knowledge about consumer behavior and its approach, it is speculated that most of the time individual behavior also plays a significant part toward defining consumer behavior. Let say for example the emotion for instance where the object of fears, guilt, regret and general mood can to a great extent affect how consumers think, make choices, select the best options as well as decides on a particularly buy or a purchase." (Wayne D. Hoyer, 2009, p. 10)
In consideration of these notion as detailed above, consumer behavior and how to approach the same can be derived. For marketers thus, it is significant to have an understanding of consumer emotional capacity as a measure to derive an understanding of the behavioral features for strategic formulation in context of marketing that organization usually initiates as part of marketing research and its formulations.
When approaching consumer, the very instance to keep in mind for marketers is to manifest the idea of individual behavior. In that essence, the very objective of "the internal consumer processes can be understood. Besides understanding what affect consumer behavior gives an ample hand to reach an approach route that are relevant.
To conclude we are of the opinion that organizations that give an abundant space for marketing features that composed of market study and its research and analysis are assumed to be well ahead in the competitive ladder within the market arena.
The same case also can be viewed in context of behavioral study of the market, especially when it matters to consumers in the market. This is not surprising, given that marketing features in context of market study and its behavioral understanding complement the strategy of organizations and a roadmap to take leverage upon through effective result of marketing research, and is considered one element of the overall concept of consumer behavior that are interrelated.
Put up simply, the adage 'consumer is king' sound correct when viewed and augmented from a conceptual; point. To add it up, the notion that erupts from the concept of 'consumer behavior' also verily defines the overall meaning that is interrelated to marketing, which is considered as one vital point of representation in marketing features that organization initiates when it matter to selling and marketing certain products in the market.