Consumer behavior is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services. It includes consumer’s emotional, mental and behavioral responses. In short, it answers the following questions: “How do people buy? What do they buy? When do they buy? And, why do they buy?” The COVID-19 pandemic had an abysmal effect on the world as we know it. People are altering their lifestyles, are purchasing in different
When you hear the phrase “value for money”, what is the first thought that pops to your mind? Most people would say that it involves cost-effectiveness. Its definition goes beyond that. Value for money is a utility derived from every purchase or every sum of money spent. It is based on the minimum purchase price and the maximum effectiveness of the purchase. Simply put, value for money should have four different dimensions. These four dimensions are: economic, efficient, effective, and
1. BATTLE BETWEEN NEEDS AND WANTS If you want to be a smart shopper, it is important to stick to what you need to buy and what your budget permits. Knowing the difference between a perceived deal and an actual deal is also a must. For instance, you find a studio that offers 80% off their Pilates classes, but you have no passion for it, then you are still wasting money if you purchase the deal. 2. CHOOSE THE RIGHT
In this day and age, how much are you willing to pay for a Smartphone? Are you willing to spare a couple of hundreds or thousands of dollars? Would you rather purchase the Samsung J1 for S$168 or the Samsung Galaxy S6 Edge for S$1168? For most of us, price by itself is not only the crucial factor that determines our purchase because we compare all the products that the market has to offer. In this case, Samsung Galaxy S6 Edge has
To be a smart consumer, you must spend within your needs and not over your means. Marketing or Sales Agents like any other businesses are using the power of persuasion to gain profit. I’m not saying it is a bad thing (personally I think it is a talent), but it may influence the consumers to buy something that is rather unnecessary. On that note, here are 4 Marketing Tricks you shall learn to avoid… 1. Foot-in-the-Door It is a technique
