Consumer behavior is multidimensional in nature and it is influenced by the following subjects:
- Psychology is a discipline that deals with the study of mind and behavior. It helps in understanding individuals and groups by establishing general principles and researching specific cases. Psychology plays a vital role in understanding how consumers behave while making a purchase.
- Sociology is the study of groups. When individuals form groups, their actions are sometimes relatively different from the actions of those individuals when they are operating individually.
- Social Psychology is a combination of sociology and psychology. It explains how an individual operates in a group. Group dynamics play an important role in purchasing decisions. Opinions of peers, reference groups, their families and opinion leaders influence individuals in their behavior.
- Cultural Anthropology is the study of human beings in society. It explores the development of central beliefs, values and customs that individuals inherit from their parents, which influence their purchasing patterns.
- Economics is concerned with consumer behavior, the behavior that people seek to acquire goods and services that will satisfy their needs and wants.
Few basic assumptions:
Consumers are constrained by their income limit. Therefore, they can’t afford to satisfy all of their needs.
- Consumers wants are broad.
- Consumers behave rationally and efficiently in maximizing their own satisfaction.