“The consumer isn’t a moron. She is your wife” – David Ogilvy
There is no limit to human wants but we know that the resources to satisfy those wants are limited. Therefore, consumer doesn’t buy products or services just n perception but it is the outcome of rational thinking on their part. Consumer buying behavior can be defined as the decision power or the act/ process involved in the purchasing any product or service. It is of utmost importance to analyze and understand the buying behavior of the consumers in order to form a better marketing strategy to win large number of customers for the company.
Consumers’ are becoming smarter day by day; it is not to fool them with any gimmick. Nowadays, consumer does his/her homework very well before making any purchase in the market. Even before buying a face wash a consumer go through a rigorous process of choosing the best among the many present in the market. Buying a face wash and buying a luxurious car is very different, therefore the perception involved and the information gathered by the consumer in purchasing a car is much more than buying a face wash.
Consumer buying behavior can be categorized in four different ways on the bases of purchasing of any service or commodity.
- Variety seeking: In this type of buying behavior the involvement of the consumer with any particular product is very low as the consumer buy a different product every time. In this case the consumer is not dissatisfied with the product; it’s just that the consumer like to try a new or different product every time he/she goes to the market. They like to choose from the wide variety of products. The marketer should offer discounts or different advertising techniques to hold the consumer to buy their product every time.
- Complex Buying behavior: In this type of buying behavior the consumer is involved highly in the process of buying and there is also large difference in the brands. The consumer makes sure that it collects as much as information about the product before making any purchase. This is also the responsibility of the marketer to make sure that the consumer is aware of all the attributes of the product, so that the consumer can make a rational decision before buying the product. Ex. Car.
- Habitual buying behavior: The involvement of the consumer is very low in this type of buying behavior and there is also very less difference between the brands. The consumer does not study much or doesn’t go for having a detailed knowledge of the product before buying it. Toothpaste can be a good example where the consumer does not waste much time but makes a quick decision.
- Dissonance Buying Behavior: In this type of buying behavior the involvement of the consumer is high in buying the product but the differences between the brands are very few. The consumers buy the product quickly because of the low differences in the brand but make sure that he/she is aware of all the attributes of the product. Ex- Floor tiles.
Therefore, these are the few types of buying behavior on the basis of which a consumer purchases a commodity or a service.
(PGDM 1ST Yr UWSB- A)