Consumer Behavior and Risk Mitigation in Cryptocurrency Market

Consumer Behavior

Table of Contents
Assessment 1................................................................................................................................. 3
1. Definition of consumer buying behavior................................................................................3
2. Define consumer risk..............................................................................................................4
3. Define and describe the consumer buying process and apply to cryptocurrency consumers......5
References..................................................................................................................................... 8

Assessment 1
1. Definition of consumer buying behavior
Consumer behavior is considered as the specific concept which is related with the
individuals and also organizations. This concept is helpful to select and also utilize the
products and services. The main concern of this concept is on the psychology,
motivation and also behavior of the consumer (Palalic and et.al.,2020).
 Micro and Macro dimensions of consumer behavior.
The micro and macro environment falls in the category of environmental scanning
which is the component of global environmental analysis.
Micro environment is the psychology of how consumers think, feel, reason and
select between different alternatives available in the industry. This environment defines
how consumer is influenced and their behavior or buying patterns while making
purchase decisions.In context of micro dimension, this dimension mainly includes some
specific considerations which are related with the suppliers, customers, common
stakeholders like and other regulating bodies (Pelto, 2019).
Macro environment is responsible to create impact on business and all factors
which are outside of their control. The macro environment is larger and external
environment within which business operate. In term of macro dimensions, it includes
those factors which may provide impact on the small businesses but those businesses
are outside of the control. This is a wider term that maintains the performance of
industry or businesses externally. Some specific diamonds are involved such as
industries, companies, competitor and market (Martinkenaite and Breunig, 2016).
Micro consumer behavior – This factor mainly focus individually and the main concern
of this factor is on some specific factors such as experimental psychology, clinical
psychology, development psychology, human ecology.