What Is The Pattern Of Consumer Behavior?

The behavior of the people in relation to selection, purchase and consumption of goods and services for satisfaction of their wants is called consumer behavior. According to the modern economic theory, all consumers follow a similar pattern of consumption. They would not for example; roam around the market buying whatever is available at any price. Before taking a decision to buy a commodity or service, a consumer would inevitably make the following considerations.

To begin with, a consumer would decide on what he or she would like to consume. This decision is reached after comparing the satisfaction or utility that he or she expects to get from that particular commodity. This list of desired items is usually very long. Most of the things may not even be available. At this point a consumer prioritizes those items that would provide more satisfaction. Now the money factor comes in. A very important part of consumer behavior is the amount of money a person has to spend on a particular commodity. This fact leads to the decision on which commodities are required the most and in what quantities. Every consumer tries to attain a higher level of satisfaction from the purchase he or she makes.

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