Buyer behavior refers to the decision-making process and actions taken by individuals or groups when purchasing products or services for individual or group use. It is a sub-discipline of marketing that blends elements from psychology, sociology, social anthropology, anthropology, ethnography, ethnology, marketing, and economics. Understanding buyer behavior is crucial for marketers to develop effective marketing strategies and improve their business model.
There are four types of consumer buying behavior based on the level of involvement and risk associated with the purchase decision:
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Complex buying behavior: This type of behavior is characterized by high involvement in a purchase decision, especially for expensive or unfamiliar products. Consumers will research thoroughly before committing to invest and may consult friends, family, and experts before making the decision.
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Dissonance-reducing buying behavior: This type of behavior is encountered when consumers are buying products that are expensive or have a high level of risk. Consumers may experience post-purchase dissonance and seek reassurance that they made the right decision.
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Habitual buying behavior: This type of behavior is depicted when a consumer has low involvement in a purchase decision. Consumers perceive only a few significant differences between brands and may buy habitual goods over a long period.
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Variety seeking behavior: This type of behavior is characterized by low involvement in a purchase decision. Consumers see no significant difference among brands and may seek variety in their purchases.
Factors that influence buyer behavior include psychological, social, cultural, personal, and economic factors. Marketers can obtain insights into buyer behavior by conducting marketing research, which involves planning, collecting, and analyzing data relevant to a marketing decision.
