Income and Its Influence on Consumer Behaviour Essay

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NAME - FADEYI ELIZABETH TOLUWALASE MATRIC NO - 09/LAW01/041 COURSE – CONSUMER BEHAVIOUR COURSE LECTURER – DR. ACHUGO COURSE CODE – BUS 208 QUESTION – “Money shapes cultural/ social values as these influences consumer’s spending behaviour. Money also corrupts values and converts social ties. Money reciprocally transmutes social values and social relations”. Describe consumer behaviour in high income groups. INTRODUCTION WHO IS A CONSUMER? “ A consumer is the most important person. The business revolves around the consumer. A consumer may be a person or group who buys product or services for personal or domestic use and not for manufacture or resale. They are the final, users of the product as they are the last set of people on the distribution channel of goods and services. All of us are consumers. We consume things for daily use; we also consume and buy these products according to our needs, preferences and buying power. These can be consumable goods, durable goods, specialty goods or, industrial goods. What we buy, how we buy, where and when we buy, in how much quantity we buy depends on our perception, self concept, social and cultural background and our age and family cycle, our attitudes, beliefs values, motivation, personality, social class and many other factors that are both internal and external to us. While buying, we also consider whether to buy or not to buy and, from which source or seller to buy. In some societies there is a lot of affluence and, these societies can afford to buy in greater quantities and at shorter intervals. In poor societies, the consumer can barely meet his barest needs. WHAT DOES CONSUMER BEHAVIOR ENTAIL? One "official" definition of consumer behavior is "The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to

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