CONSUMER , UTILITY , MEASUREMENT OF SATISFACTION | UNIT 2 | LECTURE 11 | CLASS 11 | SHUBHAM THAKUR

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ABOUT VIDEO :-

*Consumer Behavior*

*Introduction*
Consumer behavior refers to the actions and decision processes of individuals and households in purchasing and using goods and services. Understanding consumer behavior is crucial for businesses to create products that meet the needs and desires of their target audience.

*Key Points*
1. **Needs and Wants**: Needs are essential for survival (e.g., food, water, shelter), while wants are desired for comfort and pleasure.
2. **Factors Influencing Consumer Behavior**:
- **Cultural**: Culture, subculture, and social class can significantly influence buying behavior.
- **Social**: Family, friends, and social networks can affect consumer decisions.
- **Personal**: Age, occupation, lifestyle, and economic situation play a role.
- **Psychological**: Motivation, perception, learning, beliefs, and attitudes impact purchasing choices.

*Utility*

*Introduction*
Utility is a measure of satisfaction or pleasure that consumers get from consuming goods and services. It helps in understanding how consumers make choices.

*Key Points*
1. **Types of Utility**:
- **Total Utility (TU)**: The overall satisfaction received from consuming a certain quantity of goods.
- **Marginal Utility (MU)**: The additional satisfaction gained from consuming one more unit of a good or service.
2. **Law of Diminishing Marginal Utility**: As more units of a good are consumed, the additional satisfaction from consuming each additional unit decreases.
3. **Utility Maximization**: Consumers aim to get the most satisfaction from their limited resources by allocating their budget in a way that maximizes their total utility.

*Measurement of Satisfaction*

*Introduction*
Measuring satisfaction is essential for businesses to understand consumer preferences and improve their products and services.

*Key Points*
1. **Methods of Measuring Satisfaction**:
- **Surveys and Questionnaires**: Collecting feedback directly from consumers about their experience.
- **Interviews and Focus Groups**: In-depth discussions to gather detailed insights.
- **Observation**: Watching how consumers interact with products in real-life settings.
- **Customer Feedback**: Analyzing comments, reviews, and complaints.
2. **Satisfaction Metrics**:
- **Customer Satisfaction Score (CSAT)**: A straightforward measure of how satisfied customers are with a product or service.
- **Net Promoter Score (NPS)**: Measures the likelihood of customers recommending the product to others.
- **Customer Effort Score (CES)**: Assesses how easy it is for customers to do business with a company.

*Conclusion*
Understanding consumer behavior, utility, and satisfaction measurement is crucial for businesses to create effective marketing strategies, improve product offerings, and enhance customer loyalty. By analyzing these aspects, companies can better meet consumer needs and achieve long-term success .