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Consumer behavior[ edit ] Consumers behavior Consumer behavior refers to the processes consumers go through, and reactions they have towards products or services  Dowhan, It is to do with consumption, and the processes consumers go through around purchasing and consuming goods and services  Szwacka-Mokrzycka, Consumers recognise needs or wants, and go through a process to satisfy these needs.
Consumer behavior is the process they go through as customers, which includes types of products purchased, amount spent, frequency of purchases and what influences them to make the purchase decision or not.
There is a lot that influences consumer behavior, with contributions from both internal and external factors  Szwacka-Mokrzycka, Internal factors include attitudes, needs, motives, preferences and perceptual processes, whilst external factors include marketing activities, social and economic factors, and cultural aspects  Szwacka-Mokrzycka, Doctor Lars Perner of the University of Southern California claims that there are also physical factors that influence consumer behavior, for example if a consumer is hungry, then this physical feeling of hunger will influence them so that they go and purchase a sandwich to satisfy the hunger  Perner, Consumer decision making There is a model described by Lars Perner which illustrates the decision making process with regards to consumer behavior.
It begins with recognition of a problem, the consumer recognises a need or want which has not been satisfied. This leads the consumer to search for information, if it is a low involvement product then the search will be internal, identifying alternatives purely from memory.
If the product is high involvement then the search be more thorough, such as reading reviews or reports or asking friends. The consumer will then evaluate his or her alternatives, comparing price, quality, doing trade-offs between products and narrowing down the choice by eliminating the less appealing products until there is one left.
After this has been identified, the consumer will purchase the product. Finally the consumer will evaluate the purchase decision, and the purchased product, bringing in factors such as value for money, quality of goods and purchase experience  Model taken from Perner, Consumer behavior is influenced greatly by business to consumer marketing, so being a prominent marketing tool, the 4 P's will have an effect on consumer's behavior.
The price of a good or service is largely determined by the market, as businesses will set their prices to be similar to that of other business so as to remain competitive whilst making a profit  Clemons, When market prices for a product are high, it will cause consumers to purchase less and use purchased goods for longer periods of time, meaning they are purchasing the product less often.
Alternatively, when market prices for a product are low, consumers are more likely to purchase more of the product, and more often. The way that promotion influences consumer behavior has changed over time.
In the past, large promotional campaigns and lots of advertising would convert into sales for a business, but nowadays businesses can have success on products with little or no advertising  Clemons, This is due to the internet, and in particular social media.
They rely on word of mouth from consumers using social media, and as products trend online, so sales increase as products effectively promote themselves  Clemons, Thus, promotion by businesses does not necessarily result in consumer behavior trending towards purchasing products.
The way that product influences consumer behavior is through consumer willingness to pay, and consumer preferences  Clemons, This means that even if a company were to have a long history of products in the market, consumers will still pick a cheaper product over the company in question's product if it means they will pay less for something that is very similar  Clemons, This is due to consumer willingness to pay, or their willingness to part with their money they have earned.
Product also influences consumer behavior through customer preferences. For example, take Pepsi vs Coca-Cola, a Pepsi drinker is less likely to purchase Coca-Cola, even if it is cheaper and more convenient. This is due to the preference of the consumer, and no matter how hard the opposing company tries they will not be able to force the customer to change their mind.Market size, growth rate and overall profitability are three economic indicators that can be used to evaluate the soft drink industry.
The market size of this industry has been changing. product line has several popular soft drinks including Coca-Cola, Diet Coke, Fanta, Barq’s, and. Mr. Suphachai Chearavanont is the Chief Executive Officer of Charoen Pokphand Group (C.P.
Group), one of Asia's leading conglomerates that consists of over companies and , employees operating in 20 countries in agri-food, retail and telecommunications. EXTERNAL ANALYSIS. Population distribution. Evidence based decision making is a universally recognized paradigm of efficient management of economic and .
Feb 09, · Economic recession can be one of the most important factors that influence Coca-Cola Company. The behavior of consumers changes during recessions. They have less money to spend and cut back personal spending in response to the overall decline in economic activity.
The statistic shows global GDP (gross domestic product) from to , with projections up until In , global GDP amounted to about trillion U.S.
dollars. There is a popular point of view in some of Russia’s political circles, especially among those who profess monarchist views and cling to a famous meme of Tsarist Russia development statistics, that WW I was started by Germany to forestall Russia’s industrial development which would inevitably challenge Germany’s plans on domination of Europe.