Consumer Behavior

Respond to the following in a minimum of 175 words:

In this week’s reading, we learn what consumer behavior is, and why it’s important. We also learn about the idea of value and how it relates to consumer behavior.

Based on what you read, please explain, in your own words, the idea of value and how it relates to consumer behavior. Please also give one example of something you’ve purchased recently, and the value you got from it.

ANSWER

Consumer behavior

The idea of value and how it relates to consumer behavior

Value entails what every consumer ultimately pursues intending to address their needs and wants. Value has a substantial influence on the behavior of an individual and can be used to provide a powerful explanation of consumer behavior.  From a consumer standpoint value can be defined as benefits vs costs, which is “what they get’, from “what they have to give”.  This needs to always be kept in mind especially when marketing for a product since a consumer will always tend to buy an item that gives value to him/her.

Naturally, the best consumer experiences are those which provide both high utilitarian and hedonic value.  Some people value having fun and seeking adventure, while others like having influence and control over subordinates. By understanding what consumer value is vital since, much like personality traits, and other individual differences, value tends to demonstrate powerful predictive abilities in the experiences of customers and the marketing operations. Having a functional element or fun addition to a commodity can be one of the ways of making them, feel the value of a product and ultimately make a purchase.  By adding value to a product then it gets easier to predict a specific purchasing behavior.

An example of an item I recently purchased was a smartwatch. The item was of great value to me. This is because apart from it being a watch, it helped me to limit the time I used on my phone. I sued it to view incoming phone calls, access the internet, and also easily plan my schedule. This is a clear indication of the value and how it influenced my purchasing behavior, due to the many advantages it has.