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Lokesh Jasrai, Lovely Professional University Unit 3: Consumer Markets and Consumer Buying Behaviour

Unit 3: Consumer Markets and Notes
Consumer Buying Behaviour

CONTENTS

Objectives
Introduction
3.1 Types of Markets

3.2 Types of Customers in Consumer Market
3.3 Buyer or Consumer’s Behaviour
3.3.1 General Characteristics of Consumer Behaviour
3.3.2 Buying and Purchase Decision Process
3.4 Factors Influencing Consumer Behaviour

3.4.1 Cultural Factors
3.4.2 Social Factors
3.4.3 Personal Factors

3.4.4 Psychological Factors
3.5 Summary
3.6 Keywords
3.7 Review Questions
3.8 Further Readings

Objectives

After studying this unit, you will be able to:
Identify different types of consumer markets
Describe different types of consumers and their behaviour
Define consumer behaviour and state its features

Discuss the consumer decision making process
Explain the factors that affect consumer’s behaviour

Introduction

In most of the markets, be it consumer market or organizational buying market, buyers differ
enormously in terms of their buying dynamics. So the task for the marketing manager is not
only to understand these differences in buying patterns but also to generalize them for better
targeting and product offer. In consumer markets, for example, not only do buyers typically
differ in terms of their age, income, educational levels and geographical location, but more
fundamentally in terms of their personalities, lifestyles and their expectations from the products
and services available in the market.

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