Demand, Supply, Income, Purchasing Power
Needs, Motivation, Personality, Perception, Attitudes, Learning
Society, Social Class, Power, Esteem, Status
- Socio Psychology
Group Behaviour, Group Influences, Conformity to group norms, Role Leader.
- Cultural Anthropology
Beliefs, Values, Attitude towards wealth, Joint Family System, Caste System
We can explain all above Inter-Disciplinary Dimensions of Consumer Behaviour with the help of various points and examples.
This is traditional discipline mainly focus on economic activities to get maximum returns on investment.
Man’s behaviour always involves choice and he will purchase from various alternatives available in the market based on his purchasing power.
There are two important concepts in Economics which we cannot neglect:
- Demand i.e. Consumption and
- Supply (Production)
Many times pricing of a product depends on the availability of the product in the market and their supply.
If demand is more and supply is less, the price may be high and visa versa.
Marketers should identify groups of people with unsatisfied needs and wants and are ready to spend money. These can be target customers for marketers to offers unique and innovative products.
- Disposable Income: Take home pay or income minus taxes
- Discretionary Income: Purchasing power or income left after paying taxes and spending on basic necessary items like food clothing, home etc.