Consumer behavior entails the study of individuals’ purchasing behavior and their decisions on the selection and use of goods and services. Consumer behavior mainly encompasses all the actions and decisions that may have an impact on consumers’ purchasing power and decision-making. (Hoyer, 2018).To understand consumer behavior, marketers try to analyze the forces or factors that influence consumers to choose a certain product from several alternatives. Most of the consumer purchasing behavior is guided by reasoning and emotions, which shape consumers’ preferences during the product selection process. Consumer behavior thus ties together issues of motivation, decision-making, behavior, psychology, communication, and social status. Individuals can express their identities through purchasing as it is believed that we are what we purchase. Thus, for corporations and marketers to understand consumers’ behavior, it is essential to understand and analyze the forces that influence their purchasing habits. (Solomon, 2017).
Other factors that influence the purchasing behavior of consumers include purchasing power, personal preferences, group influence, marketing campaigns, and economic conditions. The purchasing capacity of customers affects their decisions to purchase a particular product. This directly impacts the particular product’s sales. Based on consumers’ purchasing power, an organization can easily determine the segments of customers that would be eligible for the…
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