Psychological and social factors influencing consumer buying behavior in relation to consumer durables selection

Description

Introduction A study of the consumer buying behaviour though not a recent trend in the area of marketing has gained major significance and has become a much-studied science in the past two decades on account of globalization leading to market widening, increase in the number of consumers, increase in the number of players with each player formulating various marketing strategies to examine its market shares in the market globally. One of the earliest references of the study on consumer buying behaviour is found in the book " The Wealth of Nations" by Adam Smith published in the year 1776. Study of the Consumer buying behaviour in simple terms refers to how the decision to purchase is arrived at by a consumer or the decision to spend the available resources of money, time and efforts on acquiring products for consumption. This study of the buying behaviour of the consuemrs is done at every stage of the consumer purchase decision i.e. before buying, during the process of buying and postpurchase behaviour.