creative_way | Consumption and Consumer Behavior (Reply)

The consumption process consists of needs, wants, exchanges, cost and benefits, reactions, and value. A want is a desire and often fulfills a need. Exchanges involve giving something up in efforts to receive an item of greater value in return. Costs are associated with being the "negative" results, of consumption. Benefits are known for being the "positive" results of consumption, which represents the satisfaction a consumer receives from a product. Reactions are the responses from the consumer in regards to the item, for example whether or not the item has met the customers’ needs. The overall consumption process determines the value of the product. The study of consumer behavior aids in the process of marketing and coincides with consumption. Companies monitor how consumers make decisions, by analyzing what influences them to make purchases, and their thought process.

For more information please visit: http://www.consumerpsychologist.com/