Understanding Customers: Contemporary Perspective, Decision-Making, Perceptual Process, Consumers in Society, Future Trends

MGBBT0UCT Understanding
Customers

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Contemporary Perspective on consumption................................................................................4
Individual decision-making and involvement..............................................................................5
Importance of perceptual process to understand individual consumers......................................5
Consumers in society...................................................................................................................6
Future trends in Consumer Behaviour.........................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Consumption refers to the act or the process of consuming of the things by buying and
using those things in the life. The consumption is done by the particular group or by the large
audience in the market. The current report will outline the contemporary perspective on the
consumption and the individual decision- making and involvement. Further this report will
outline importance of the perceptual process in order to understand the individual consumers and
the consumers in the society. Furthermore, this report will outline the meaning of future trends
for the consumer behaviour. It is very important to have the consumption as it helps in
determining the growth and success of the current economy. The businesses can open up the
great products which helps the consumers to but those products. It is very important to have the
consumption as it helps in determining the income, output and the employment in the particular
country.
MAIN BODY
Contemporary Perspective on consumption
The consumption has become the centre of the debate that helps the society in order to
consume the different things from the market. The consumption refers to the using, buying and
having something which helps the person to increase there energy by consuming the products.
The purchase of goods and services from the market by satisfying the needs and wants of the
people (Freire-González, 2019). It basically differs from the consumption expenditure as these
are durable goods which must be consumed on the right time. As in the tourism sector it is very
necessary to have the best consumption which helps the customers to increase the market share
of this sector. The aggregate consumption and the good consumer behaviour helps and influence
the long term productivity of the tourism sector. As from the contemporary perspective of
consumption it is seen that the consumption is done of the final product and this helps the market
to have the economy success. The consumption used to accounts for the national output and for
understanding the changes of the aggregate consumption on the expenditure. It is very important
to understand the changes and fluctuations in the economy as this will helps the consumers to
satisfy there needs and wants. According to the Keynesian theory of consumption states that as
the income increases of the person it leads in the increase in the consumption but not in the same
proportion (Camacho-Otero, Boks and Pettersen, 2018). It also states that current level of the
income used to determine the consumption of the person and of society as well.