Consumer behaviour in marketing may significantly affect the standards of living. It refers to the actions of consumers in the marketplace and the underlying motives for those actions. Moreover, businesses need to study how consumers select, buy, use and dispose of goods and services to satisfy their needs and wants. Additionally, understanding what drives consumers to buy particular goods and services enables a business to determine which products to offer in the marketplace. The business also determines the goods and services that are obsolete and how to present the goods to the consumers.
THE NATURE OF CONSUMER BEHAVIOUR IN MARKETING
Various factors influence consumer behaviour in marketing. They include marketing factors, personal factors, psychological factors, and social factors. Furthermore, consumer behaviour is dynamic and undergoes constant change. This change depends on the nature of goods and services. Additionally, the change in consumer behaviour may be due to factors such as income level, education level, and marketing factors. The buying behaviour of consumers may lead to higher standards of living. Moreover, the more consumers buy goods or services, the higher the standards of living. Consumer behaviour also varies from product to product. Consumers may want to buy more of a certain item than another.
THE FACTORS INFLUENCING STANDARDS OF LIVING
Primarily, a country`s level of productivity dictates the total amount of goods and services. Consequently, this influences the standards of living that the country can provide to its people. The level of productivity in different branches of economic activity such as transport and agriculture determine the total amount of goods that the country can produce. Similarly, the distribution of national income determines the standards of living. It also influences consumer behaviour in marketing. If there is large inequality in the distribution of income, the standards of living of a few people will be high while that of the larger population will be extremely low.
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