Research in Marketing

Introduction

Buying behaviour of consumers basically refers to the attitudes and the attitude changes that signifies or that explains the choices made by the consumers. Consumer buying behaviour depends on a variety of factors and it alters in accordance with these factors. The main factors that guide change in buying patterns of consumers are demographics of different regions, the average income levels and several social as well as cultural factors (Dawson et al., 2006). According to Hansen (2006), other than these factors there are also other external situational aspects that change consumer behaviour and buying patterns. Over the years researchers have been very keen on any work on consumer behaviour as it is directly proportional to the profitability of a company. According to Kotler (2000), one of the most important factors that can be seen as instrumental in providing relevant information on consumer buying patterns is marketing. Consumer features and qualities are analysed through the help of marketing which will help companies to customise their products and their services with respect to changing needs and requirements of the consumers and succeed in serving them (Groucutt et al., 2004).

The present global situation that has resulted from the economic crisis has turned out to be the main challenge for the companies to overcome. The crisis was a direct impact of sudden decline in the US mortgage industry and it send ripples of trouble across the globe sparing very few regions sending the world into financial recession. From the consumer perspective, it is important to note the challenges faced by the consumers during such times of recession and what are the challenges that the consumers are likely to face in the near future when the recession manifests its full impact. The factors that determine these characters can be broadly classified into direct and indirect factors. Insecurities related to full time jobs, decreasing average income and the lack of credit financing from banks can be focused on as the major direct factors whereas the main indirect factor comes from the side of the companies that are not able to serve the consumers with quality goods and services as a result of the crisis.