Consumer behavior refers to the study of how individuals make decisions to spend their available resources, such as time, money, and effort, on consumption-related items. This field examines the psychological, social, and emotional factors that influence purchasing decisions, including brand perception and peer influence. Understanding consumer behavior helps businesses tailor their marketing strategies to meet the needs and preferences of their target audience.
Additionally, consumer behavior encompasses the entire buying process, from recognizing a need to evaluating the satisfaction of a purchase. Factors such as cultural influences, social status, and personal preferences play a crucial role in shaping consumer choices. By analyzing these behaviors, companies can enhance customer experiences and foster brand loyalty.