Consumer behaviour – Meaning, Nature, Scope, Elements, Importance

Consumer behaviour can be defined as the decision making process and physical activity involved acquiring, evaluating, using and disposing of goods and services. Consumer behaviour refers to the behaviour that consumer display in searching, purchasing, using, evaluating and disposing of products and services that they expect will satisfy their needs. According to Walter – “Consumer behaviour is the process where […]

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Business Statistics – Meaning and Importance

Business Statistics refers to the application of statistical tools and techniques to business and managerial problems for the purpose of decision making. What is Statistics ? Statistics is simply the study of numerical data, facts, figures and measurements. Statistics is used to convert raw numerical data into useful information for relevant users. According to Bowley, “Statistics is a science of […]

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Determinants & Factors influencing Consumer Behaviour

In a Market, different consumers have different needs. As all consumers are unique they exhibit different behaviour while making a purchase decision due to various factors influencing consumer behaviour. Therefore it is important to understand the various factors influencing consumer behaviour. Factors Influencing Consumer Behaviour The Various factors influencing Consumer Behaviour can be classified into 4 categories: Economic Factors Personal […]

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Consumer Decision Making – Process, Models, Levels, Decision Rules

Consumer Decision Making Process Consumer Decision making is a process through which the customer selects the most appropriate product out the several alternatives. The Consumer decision making process consists of a series of steps that a buyer goes through in order to solve a problem or satisfy a need. They are as follows: (1) Need/Problem Recognition – A purchase process starts […]

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Segmentation of Market – Consumer Behaviour

Segmentation of Market (Market Segmentation) is concerned with dividing the total heterogeneous population into smaller homogeneous groups of customers who share similar needs and wants. Through market segmentation organizations identify different groups of customers in the market that can be targeted effectively with specific products and services and through a specific marketing mix (4p`s strategy). A market segment is a […]

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Family Influence on Consumer Behaviour

To understand Family influence on consumer behaviour lets first understand the important elements of a family.  A family is an important element that affects the consumption and disposal of products by an individual. A family may be defined as two or more people living together, related by blood or marriage who share a common house, common income and similar status […]

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Business Statistics Formula – Cheat Sheet / Handbook

Business Statistics Formula Handbook Table of Contents Measures of Central Tendency Measures of Dispersion Correlation Regression Sampling Test of Hypothesis Chi-Square Test Index Numbers Interpolation Extrapolation Measures of Central Tendency – MEAN, MEDIAN, MODE MEAN – It is the average of a given set of observation. Ungrouped data Grouped data Direct Method: Shortcut Method: Combined Mean:   MEDIAN – It is the […]

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