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Consumer behaviour is the study of individuals, groups, or organisations and all activities associated with the purchase, use and disposal of goods and services.It encompasses how the consumer's emotions, attitudes, and preferences affect buying behaviour.
There are generally three ways of analyzing consumer buying decisions: Economic models – largely quantitative and are based on the assumptions of rationality and near perfect knowledge. The consumer is seen to maximize its utility. See consumer theory. Game theory can also be used in some circumstances.
In the field of consumer behavior, an impulse purchase or impulse buying is an unplanned decision by a consumer to buy a product or service, made just before a purchase. [1] One who tends to make such purchases is referred to as an impulse purchaser , impulse buyer , or compulsive buyer .
The pain of paying is a concept from Behavioral Economics and Behavioral Science, coined in 1996 by Ofer Zellermayer, whilst writing his PhD dissertation at the University of Carnegie Mellon, under supervision of George Loewenstein. The term refers to the negative emotions experienced during the process of paying for a good or service. [1]
Richard Dawkins outlines in The Selfish Gene (1976) [4] that humans are machines made of genes, and genes are the grounding for everything people do. The gene-centric view outlines that natural selection, evolution and all behaviour must be traced back to the survival of competing genes as an extension of Darwin's theory being the survival of competing individuals.
What is Maslow’s hierarchy of needs? We explain the commonly circulated concept with some examples of how it translates in the real world.
The psychology of collecting is an area of study that seeks to understand the motivating factors explaining why people devote time, money, and energy making and maintaining collections. There exist a variety of theories for why collecting behavior occurs, including consumerism, materialism, neurobiology and psychoanalytic theory.
Another example of the effects of scarcity is the phenomenon of panic buying, which drives people to display hoarding behaviors when faced with the possibility of going without a certain product. [6] Historically, panic buying was seen during the COVID-19 pandemic in 2020. Due to the pandemic, people panic bought toilet paper out of fear of ...