Introduction
Consumer behavior refers to buying trends exhibited by consumers in all markets. Consumer behaviors are not static as they change with the market dynamics. The behavior of consumers may be influenced by several factors. For example, consumer behavior may be influenced by peer pressure where consumers tend to buy certain brands because their friends buy them (Hatch and Taylor 57).
Body
Consumer behavior is the shifting of consumers buying trends from one brand to another. This means that market dynamics may change consumer perception towards given products. For example, consumers in Australia started shopping on Mondays as opposed to shopping all week round. This is affects stores since they have no one to purchase their products in the week. Consumers prefer shopping once in a week since its good for their planning
Consumer behavior change can be caused by several factors in the market. For instance, consumers may be dissatisfied with the quality of products of one company. In search for brands with the best quality, they change their buying behavior from buying products of other companies, as opposed to the ones they are used to buying (Folsom and Boulware 87 ). Consumers are constantly taught how to plan their spending by depending on their budgeting whereby they purchase once in a week.
Another change in consumer behavior is where men change their drinking habits to drinking beer during occasions only. This has great impacts on the manufacturers since revenue is affected by this trend. For example, in cases where companies used to make high sales throughout the year, then the change in behavior leads to reduced sales and revenue. Consumer behavior change impacts manufacturers of products in a great way.
This means that consumers may shift their buying trends against the expectations of a manufacturer leading to loss (Stern and Ander 105). This leads to some products expiring while in the warehouses as demand decreases due to changes in consumer behavior. Secondly, manufacturers are forced to incur a lot of expenses in advertising their products in various stages of their life cycle. This may convince consumers to change their behaviors back hence returning the company’s profitability.
Consumers in places affected by winter see customers changing habits from purchasing high quantities of food to store in their houses. This is as a result of changing quality of foods bought; the foods cannot stay for long time without going bad even when refrigerated (Lake 46). This divides consumers’ attention since they get a reminder of their loyal brand hence reducing the rate at which they change their buying behavior. They should be ready to observe all activities by their competitors that may be threatening their market share.
Consumers in Africa changed from buying products in large quantities since they do not have storage facilities. This has much effect on the market since no one can predict what has to be bought by consumers.
Companies should carry out research to find out how consumers behave and how they change their buying behaviors. They should be able to convince customers to change their behaviors in their favor. (Earls 94). Therefore, consumers need to be careful whenever making decisions on what to purchase to ensure that they use quality and standard products.
Conclusion
Marketers should make sure they understand consumer behaviors in order to sell their products to all people. Companies should have strategies to ensure that their products sell properly in the flexible market. This is to ensure they adjust to changing market dynamics.
Works Cited
Earls, Mark. Herd: How to Change Mass Behaviour by Harnessing Our True Nature, New York: John Wiley and Sons, 2009. Print.
Folsom, Davis W, and Boulware Rick. Encyclopedia of American Business, London: Infobase Publishing, 2004. Print.
Hatch, Steve, and Taylor Jim. Rigorous Magic: Communication Ideas and Their Application, New York: John Wiley & Sons, 2008. Print.
Lake, Laura. Consumer Behavior for Dummies, New York: John Wiley & Sons, 2009. Print.
Stern, Neil Z, and Ander Willard N. Greentailing and other revolutions in retail: hot ideas that are grabbing customer’s attention and raising profits, New York: John Wiley & Sons, 2008. Print.