Musings of an Under 25 CEO: Consumer Behaviour.

Recently, I have been exploring a lot of psychological issues as relating to business, and the most interesting one that caught my fancy is consumer behaviour. This field covers a lot of ground, studying processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires. At many points in our lives we have been consumers, and we will continue to be till we die. However, as business owners, harnessing this knowledge can help us with our business growth, understanding our consumers better, so that we can serve them well.

The embraced view of consumer behaviour is so much more than what and why we buy, it zooms in on how we influence our consumers and how the consumers in turn, use the products and services we sell. Needs and desires we satisfy can be as basic as hunger and thirst, and as grand as status/reputation sustenance. Consumer Behaviour (CB) is a process which is exchanged for goods or services. Oftentimes, we think a consumer is that person who identifies a need or desire to make a purchase and then disposes of the product, but there are quite a number of people involved in this sequence of events.

The purchaser and user might not be the same person. For example, I recall a few times my mom tried to buy me clothes, which almost always resulted in “fashion faux pas“, my dad did a much better job. (Sorry, mom). In some other instances, there are the influencers, who make recommendations about products or services, without actually buying them or using them. In my hall of residence, many times, vendors would call out their goods from room to room. In one instance, a friend was in my room when a vendor came in, trying to persuade us to buy some jewelry from her. A simple grimace from me after going through her wares spoke volumes and discouraged my friend from picking a certain pair of earrings.

Finally, consumers may be in form of organisations or groups. Many people may be involved in the decision process of purchasing some goods, an example is office supplies. Family members play pivotal roles in the goods and services for family use.

*Consumer Behaviour, Buying, Having and Being; Michael R. Solomon. PHI Learning, Ninth Edition.

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An unbridled creative, a final year law student, a fashion designer and illustrator, 20 years old IniOluwa Ajayi is enthusiastic about entrepreneurship and all that it entails

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