The Global Business Crisis and Consumer Behavior

The Global vexation Crisis and Consumer Behavior Kingdom of Bahrain as a font Study Durra Mansoor & Akram Jalal January 2011 Summary This research aims to learn how Bahrain consumers moved(p) by global monetary crisis since 2007. Additionally, it focuses on changes in consumer behavior after global crisis. The result of this research is based on questioner summary which tries to measure knowledge about global crises to randomly selected consumers in Bahrain. The World is facing with economic challenges. America, sizable Europe and Asia affected by financial crises in some different levels.The global financial crisis affected all consumers in the World not only economically but also psychologically. This new financial situation increased panic and uncertainty on consumers in globe. In hard and stressful times such as economic crises, consumer behavior changes have occurred. Because of FC, consumers changed their behaviors by reducing their consumption. People became money-minde d and they dont want to blow over money for premium products anymore, and they prefer cheapest products. They redefine necessities and luxuries.Also you can readBusiness Ethics ComprisesSo, they only buy the things which are taking place on their shopping list. Theyre canvass products and making their choices by compromising quality. Some of them started to manage their income by searching on e-commerce websites to catch best(p) price. They are planning their purchasing by postponing usances like discretionary expenditure to make savings. Thus, their total expenditure amount decreased because of global crisis. According to Mansoor and Jalal (2011), the role that consumers play in these days is very pivotal to business survival.It is driving force behind the success of many businesses, because most of the contemporary consumers spend major(ip) time on buying decisions. Consumers buying decision is changing person to person. However, after economic crises, consumer started to spe nd much time for information and decision making. By predicting consumers behavior, a business can insure consumers needs, and can work on fulfilling the needs and meeting the expectations of their customers (Mansoor and Jalal, 2011). Businesses should work hard for success of their businesses and furnish to strengthen their long-term strategies.They should personalize their products to earn consumers loyalty. Making investment to their brand and differentiating themselves against to their competitors are also crucial. Businesses should sum new and irreplaceable products to their portfolios and build tight relations with their consumers to survive in financial crisis. Consumers in Bahrain alter to new trends after financial crisis. They preferred to purchase less priced and substitute products compared by expensive products. They though that expensive products are not that much worthy by considering their high prices.