What are the Characteristics and the three Economic Functions of the Consumer?

Today consumers are one of the most important parts of the market, that is why those who work with digital marketing or any sale of online products, they must know their behaviorDue to this, today you will be taught what are the characteristics and the three economic functions of the consumer?

And, even professionals need a guide like this to understand consumer market behavior, Because with this type of information, better plans for the digital market (and even physical) can be put together.

Notably today we will speak clearly of concepts, so if your objective is for example to understand what are the strategies and models of differentiation and positioning in marketing ?, you should go to another tutorial for this.

What are the characteristics and three economic functions of the consumer?

Now, to get straight to the point, the first thing you have to learn to solve the question about What are the characteristics and the three economic functions of the consumer? They are precisely their characteristics.

The number one characteristic to which consumers are subjected is that they are always connected, that is, currently everyone uses the internet. According to recent studies it is said that 67% of female consumers cannot go more than an hour without connecting.

In turn, 77% of male consumers cannot be the same period of time without entering the network. The second characteristic is that currently for all consumers opinions are important.

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Due to the influence of social networks, the new generation of buyers is more given to sharing what they feel about a company, which is why they have been forced to interact with consumers through these means.

Finally, the final characteristics are that the consumer demands immediacy and also seeks authenticity. In today’s culture there is no room for delay, because the communication channels are much faster than before.

Added to that due to the globalized world, all consumers want to live personal and different experiences, which are made to measure. This results in all brands having to leave a little in the hands of consumers how the product will act and look.

To understand more about this and complement your information, it is recommended to search: What are the advantages and disadvantages of the market economy on the demand side?

What are the three economic functions of the consumer?

With the above, you already know in part what are the characteristics and the three economic functions of the consumer, so to finish, and that you can go on to look for things like: What are the demographic characteristics of consumers in a marketing plan ?, it’s time to see the functions.

The three main functions of the consumer would be: number one buy goods and services. The main function that a consumer fulfills in society is to spend, how money is spent, it is up to everyone.

That is, consumers divide the amount of money to spend depending on their needs, thus affecting various sectors of the economy.

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The second function is to maximize utility. The utility would be the well-being and personal satisfaction of a person, so the role it plays in the economy is to allocate scarce resources such as time and money efficiently.

To better understand it, maximizing profit is, to say the least, wasting money on something unnecessary, but one that brings satisfaction, since it is thanks to this waste that companies can innovate and grow.

Finally, the last function is to make rational purchasing decisions. This would be, the way consumers analyze prices and make purchases. Thing that ends up being the economists’ indicator of which products will decrease or increase in demand.

And voila, with that you know what the characteristics and the three economic functions of the consumer are, so you are finally finished here.

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