Concept of Buyer and Buyer Behavior

A buyer is anyone who might buy a given product. A buyer may be either a person or an organization that an interest in the product and the means to acquire it. Therefore, a buyer includes both individual or an organization, which is potentially willing and able to buy products offered by the marketer.

The terms buyer and consumer are interchangeably used. In comprehensive term buyers or consumers are people in families and other kinds of households who buy and use products and services to satisfy their personal needs and wants.

Buyers’ behavior refers to any action a consumer takes toward a product or service. These actions may be either positive or negative. Positive actions of the buyers secure the future success of the company.

“Buyer behavior is concerned with the activities and action of people that purchase and use economic goods and services, including, the influences on these activities and actions”. By cravens, hills and woodruff.

The nature and scope of buyer behavior are described below:

The study of buyer behavior encompasses a wide range concern. Its nature and scope can be characterized as follows:

• Buyer behavior deals primarily with behavior of individuals in the market place, the manner in which they purchase and use products and services.
• Buyer behavior is multi-disciplinary. Its understanding is enhanced by contributions form areas such as psychology, social psychology, sociology, culture, anthropology, economics, etc.
• Buyers’ behavior is concerned with factors that influence product purchase decisions and product usages.
• Buyer behavior is concerned with the process by which buyers arrive at buying decisions and how that process differs across individuals and products.
• Finally, buyer behavior includes post purchase phenomena satisfaction with the outcome of a purchase and usage behavior surrounding a product.