Consumer Buying Behavior Assignment Example | Topics and Well Written Essays - 750 words

Consumer Buying Behavior - Assignment Example This involves a detailed study of how buyers think and behave during purchase situations, and what factors may influence their tastes and preference towards certain brands. Consumer buying behaviour is, therefore, the study of the ways of buying and disposing of goods, services, ideas or experiences by individuals, groups, and organizations in order to satisfy their needs and wants (Kotler & Hibbard, 2014). Alternatively, consumer buying behaviour â€Å"refers to the buying behaviour of final consumers, both individuals and households, who buy goods and services for personal consumption† (Hibbard, 2014,). This occurs when the consumer is immensely involved in the purchase process, and there are notable contrasts amongst the brands to acquire. This implies that the consumer has to conduct research about the product/service and the marketers must, therefore, supply all-inclusive information with regards to product/service characteristics. A medical example, in this case, is when a hospital wants to acquire medical equipment such as x-ray machines for the hospital. The hospital’s procurement officer (consumer) is highly involved because of th e significant financial involvement (high risk) in the acquisition, and the unfamiliarity with the commodity. There are many brands according to manufacturers (about 75 suppliers) and they are used for different purposes. This compounded with the fact that they have different price tags makes the consumer very sceptical. He must, therefore, conduct thorough research to eliminate brands that do not suit the hospital’s need requirements and fit his budget plan respectively. Here, consumer participation, while acquiring the product/service, is low, and there are noteworthy contrasts between the brands. The consumers attempt to find variations in products or services. Thus, the marketers must rally the market to buy their commodities through means such as promotions, publicity and advertising. A medical example, in this case, includes medical cosmetics for products like toothpaste.