Learn more about moneyandinvestments with this collection
How to create a diversified portfolio
How to analyze stocks and bonds
Understanding the basics of investing
2. Limited Decision-Making (Buying Behaviour)
- This essentially means that there is a limiting variety or availability of this product on the market.
- For example, you really fancy this pair of sunglasses with white frames and yellow-tinted lenses. However, there are only two brands out there that offer this style of sunglasses.
- Brand “X” offers their sunglasses for 195,-.
- But the other sunglasses available, by the brand “Z”, costs 365,-, which is far more expensive than those sold by brand “X”.
- Since you do not have a lot of options (and because you desperately want to own this stylish pair of sunglasses with yellow-tinted lenses), you decide to spend your money on brand “X” anyway (even though they are pretty expensive).
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4 Buying Behaviours
There are different consumer buying behaviours, which can be categorised in the following 4 :
- Extended Decision-Making
- Limited Decision-Making
- Habitual Buying Behavior
- Variety-Seeking Buying Behavior
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3 Tips on How to Cultivate a More Concious Buying Behaviour
- Choose quality over quantity. A product should last years, instead of a few months or even weeks, so if you have to repurchase it after only a few uses, is buying the product really worth it?
- The cheapest price is rarely the fair one - So spend s...
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3. Habitual Buying Behavior
- Habitual Buying Behaviour plays a big role in our daily routine. We do not put a lot of thought or research into buying a product that is incredibly cheap and available in masses, at the same time.
- For instance, yo...
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4. Variety-Seeking Buying Behavior
- You display this type of purchase behaviour when there are visible differences between a product within the existing brands.
- You, as a consumer, might want to try out a similar product of various brands out of curiosity.
- To give you...
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1. Extended Decision-Making (Buying Behaviour)
- Extended Decision-Making occurs when consumers are buying a rather expensive product.
- You spend some time doing in-depth research about the product, before making your final purchase decision.
- Since it is a high-end product, the economic risk of buy...
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Lawyer turned Artist Visionary Curator & Gallerist. Empowering self-love and joy through art & words. www.innerjoyart.com 💝 Instagram : dymphna.art
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