Consumer behavior, also known as consumer psychology, is the why, what, how, when, and where behind marketing. From “Why do prices end in .99?” to “Do consumers respond differently to message framing?”.
Consider the following scenario:
You go to the store to buy soup. You notice that cans of soup are marked down from $.89 to $.79. Below the price is fine print that says “Limit of 4.”. You make your choice and head to the register.
Now the question is…does the purchase quantity limit (ex. limit of 4) influence how many cans you buy?
When discussing marketing and my interest in consumer behavior, I am often asked “What is consumer behavior?”. I typically respond with something like “consumer behavior is the study of how consumers behave, why they behave in certain ways, and how they respond differently in various situations”.
Consumer behavior (also known as consumer psychology) is a fascinating field that digs into the what, why, when, how, and where of marketing. Rather than focus on definitions of consumer behavior, let’s look at the types of questions one can ask about marketing and consumer behavior.