Key Consumer Psychology & Buying Behavior Essay

Key Consumer Psychology & Buying Behavior - Essay Example This essay stresses that marketers view each consumer as a single decision-making unit. They collect information relating to a product or service from various sources and through various dimensions analyze it. The decision resulting from their analysis is the buying or rejection of the product. Marketers look to understand the types of stimulating information that arouses the favorable consumer action towards their product and the extent of their understanding affects their success. This process is in fact based on the underlying philosophy of â€Å"consumer sovereignty† which dictates that the consumer plays the role of the king responsible for all decisions and the activities done by the vendors should therefore be focused on satisfying these customers. This should go along with the primary business objective of making profits. This paper makes a conclusion that the process of decision making means the underlying steps the consumers experience in order to select between the different market alternatives. Alternative products include, for example, different choices to achieve the same set of goals, like whether to fly by plan, travel by train; whether to select regular briefs or boxers etc. This is mainly a five step process. Each step occurs in succession to the previous step without any gaps. These steps are briefly discussed hereunder. Depending on the circumstances the consumer may undertake a heavy research, a little search or no further research on the needs and the available products.