Okay, I finally blog which I never though I would in my entire life. Thanks to my course B134A on consumer behavior which requires me to write a blog every week which also inspired me to have my own blog space. And here goes my first blog (original), feel free to critique 🙂
My understanding of consumer behavior and what I would like to get out of this class.
From what I understand or have experienced/read about consumer behavior is it’s an evolving process which starts from a need that is created and often guided by the purchasing power, surroundings, ethnicity, and price elasticity for durable goods .
Also with the advent of technology and corporations spreading their wings across the world it has also created awareness of new products/ services, making life simpler, increasing career opportunities thus increased purchase power and catapulting the same consumers into an upper bracket which to an extend changes their demand [utility maximization] and behavior, i.e. at different periods of socioeconomic development and economic levels consumers show different pattern or in other words consumer behavior .
It doesn’t stop there and I think consumer behavior is also influenced by their experience during decision making process and post-purchase. I would like to site my own example here. Like any individual I like to first look into my immediate need then identify the product or service that could satisfy my need, but there is a catch here with most of the information available to me online I like to compare the goods/services online and try to get the best value out of it, which is time consuming no doubt but I know if something excites me I would be willing to pay the premium if it makes me stand out from the rest, that’s when I get into the grey area between my needs and want due to my internal/ external search.
How a bad experience can change the consumer behavior?.
One example is my D* laptop which I have been using for the last six years (YES) and it’s been doing great so far, however there came a point where the brand I perceived highly about was all wiped-out by a competitor H* instantly on one feature D* had been good at, so that’s something which would reflect in my next purchase [psychological perhaps] this week as D* to me now have a low Hedonistic value when compared to H*.
Therefore taking my experience as one of the examples, what I would like to get out of this class is every product/service has it’s forte and Achilles heels then in order to keep our consumers happy what are the data points that would help us determine/quantify our consumers behavior (if possible) and how best we can utilize that to keep them motivated during their decision making process and/or later?.
- Yi Cai (1994), Country-of-foreign origin effects on consumers willingnessto buy foreign products:
An experiment in consumer decision making. (B.E.C, NanKai University, China) URL: http://fcs.uga.edu/ss/docs/cai_yi_200208_ms.pdf
2. XUE Guoqin (2010) Analysis on Consumer Behavior Characteristics and cause during the Financial Crisis. A case of Zhejiang (Shaoxing University, Shaoxing, Zhejiang, P.R.China)