Consumption Behavior - Explained
What is Consumption Behavior?
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What is Consumption Behavior or Buying Behavior?
Consumption behavior, also know as Buying Behavior, is how participants in the market respond or react to marketing efforts. It primarily concerns people’s buying attitudes and intentions.
Marketers employ the following tools to identify, predict, and understand Consumption Behavior:
- Market Research
- Focus Groups
- Market Sampling and Testing
- Total utility
- Marginal Utility
- Diminishing Marginal Utility
- Marginal Utility per Dollar
- Rule of Maximizing Utility
- Consumer Goods
- Changes in Income Affect Consumer Choices
- Changes in Price Affect Consumer Choices
- Substitution Effect
- Income Effect
- Budget Constraints Create Demand Curves
- Lifecycle Model of Consumption
- Autonomous Consumption
- Permanent Income Hypothesis
- Lipstick Effect
- Engel's Law
- Paradox of Thrift
- Behavioral Economics