WHAT IS CONSUMER BEHAVIOR?Consumer behavior is the study or art of how people buy, what they buy, when they buy, and why they buy. It refers to the actions and entire decision-making process of people purchasing goods and services for personal consumption. Consumption can take place in any form and anywhere. WHY IS IT IMPORTANT? Production concept (consumers buy what is available versus what they actually want) Product concept (consumers will purchase a product of the highest quality, best performance, and most features) Sales concept (consumers primarily purchase the product when they are actively and aggressively persuaded) Marketing concept (marketer must make what he sells rather than sell what he produces) Consumption club: VARIOUS OBSERVATIONS AT THE SHOPPING MALL: As a group we had seen a number of things at the shopping mall . There were also many different types of customs and rituals and different ways of people acting. On the day of the observation there were many people in groups of three or more. Most of the people walking in the mall are young people and children who like to spend their time in any form of entertainment. People are unique in many ways, such as different cultures, views and perceptions. In order for people to adapt to a new culture, they must learn to understand signs, norms, and social control. These three factors are important and touch almost every aspect of social life and are used in everyday life. A sign is “a symbol that represents or conveys an idea”. The signals could be a price tag, a slowdown signal etc. Since signals convey information and are the most common and make life easier for everyone. Gesture is an example of signs and connected to body movements. The signs are present almost everywhere, it is...... half of the paper ...... f use, ownership and maintenance. A word of caution about customer value: Higher customer value does not necessarily equate to higher customer satisfaction. Customer value is defined as the difference (or surplus) between benefits and costs; is a level of return for the customer's costs. From a cognitive point of view, according to the theory of expectations, satisfaction is the result of a comparison between what actually happens and what is expected. Therefore, customers' purchase satisfaction depends both on the perceived value of the purchase and on their knowledge of what a fair level of purchase value should be. In short, customers will feel satisfied to the extent that the perceived value of their purchase exceeds the standard they uphold. From this point of view, the key to customer satisfaction is exceeding value, not customer value itself (surplus value).).