The paper "Overall Model of Consumer Behavior" is a perfect example of marketing coursework. Consumer behavior refers to a study or an examination of how various consumers of different products behave in the purchasing of goods, products, and services that they require. Consumer behavior normally looks at how different types of consumers, from organizations, individuals and even groups select, purchase, consume and even dispose of various goods, products and services from various producers and/or retail stores. Consumer behavior further looks at how these processes of selection, purchase, and consumption satisfy the consumers and customers, and the impact the particular goods, products, and services have on the general behavior of consumers.
Consumer behavior is a very important study for most of the business organizations and companies that produce consumer goods, services, and products. This is because consumer behavior study will enable these business organizations and companies to know of essential consumer patterns, thereby making them formulate effective marketing and sales policies. This will definitely result in increased sales for a particular business organization or company. Studying the different behaviors and patterns of consumers reveals to business organizations and companies the key things that normally influence the selection and purchasing of consumer goods, products and services, and plays an important role in maintaining or increasing the market share of a given business organization (Erasmus et al.
2001). Furthermore, studying the behaviors of consumers and customers enables business organizations and companies to create marketing concepts such as customer loyalty, whereby the customers of a particular line of product from a given business organization tend to stick with the given product, for instance, Gillette Safety Razors. Studying Consumer behavior ensures that business organizations and companies know what consumers and customers like and what they don’ t like from a given product and therefore are able to make modifications and redesigns to be able to resolve such issues, thereby ensuring increased customer loyalty and successful implementation of marketing strategies and initiatives (Zinkhan, 1992). An overall model of consumer behavior is a model that tends to explain the processes and issues that affect the behaviors of different types of consumers while purchasing and using certain products and services.
Due to the existence of many approaches and models to the study of consumer behavior over the centuries, an overall model provides an overview of the key parts provided for in the different approaches.
Some of the major consumer behavior models include the Humanistic, Cognitive, Economic Man, Behaviorist, and Psychodynamic approaches. Three main features covered in an overall model of consumer behavior include; customer loyalty to particular consumer products, sociological influences by other consumers on a particular consumer and finally the psychological influences of how consumer products affect the decision of consumers in the future.
Taking the example of a business firm such as Burger King, which operates in the fast-food restaurant and beverages industry, we can observe that the marketing strategies of such a company incorporate the above parameters to their initiatives. This enables them to develop and implement successful marketing strategies (Raats et al. 20). Consumer behavior is usually applied in many different areas and activities of a business organization or company. Some of the important areas where consumer behavior studies are heavily used include in marketing strategies, in regulating business organizations or companies’ policies, as well as in social marketing.
Furthermore, consumer behavior study can be applied in market segmentation, whereby a portion of a larger market place has needs that are different from those of the rest of that market. There are many different things that normally affect and/or influence how consumers and customers behave in the selection, purchasing and consumption of various goods, services, and products. These factors that influence consumer behavior are very essential, as knowing them enables business organizations and companies to successfully develop and implement marketing strategies that end up improving the given firm’ s sales, profitability, and overall expansion.
Generally, these influencing factors are categorized into two major groups, i.e. internal influencing factors and external influencing factors. Internal influencing factors are factors that affect how consumers and customers select, purchase and consume products and services from within the consumer him/herself (Warshaw, 1980).
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