What does the term 'consumer behavior' encompass?

The term 'consumer behavior' specifically refers to the actions and decision-making processes of individuals when they are engaging in purchasing activities. This encompasses a range of factors including what influences their choices, the psychological processes behind their decisions, and how they interact with products and services. Understanding consumer behavior is crucial for marketers as it helps them tailor their strategies to meet the needs and desires of their target audiences.

This focus on decision-making processes delves into aspects such as motivation, perception, learning, and attitudes that impact how consumers evaluate options and ultimately make purchases. It enables marketers to predict how consumers will react to marketing strategies and adjust their approaches accordingly.

In contrast, other options such as the analysis of market trends, the study of economic impact on sales, and demographics of a target market each represent different aspects of marketing. While they are relevant to market analysis and strategy development, they do not specifically capture the essence of consumer behavior, which is centered on the individual purchaser.