Consumer Behavior

Definition

Consumer behavior refers to the study of how individuals, groups, or organizations make decisions about purchasing and using goods and services. It involves understanding factors that influence consumer choices, such as psychological, social, and cultural factors.

Related terms

Motivation: Motivation refers to the internal process that drives individuals to satisfy their needs or achieve certain goals. It plays a crucial role in influencing consumer behavior.

Purchase Decision: The purchase decision is the final step in the consumer buying process when consumers decide whether or not to buy a specific product or service.

Social Influences: Social influences are external factors such as family, friends, and society that can impact an individual's consumer behavior by shaping their preferences and opinions.