The Global Business Crisis and Consumer Behavior

The Global Business Crisis and Consumer Behavior dry land of Bahrain as a Case Study Durra Mansoor & Akram Jalal January 2011 Summary This enquiry aims to learn how Bahrain consumers touch on 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 analysis which tries to measure knowledge about global crises to indiscriminately selected consumers in Bahrain. The World is facing with economic challenges. America, powerful Europe and Asia affected by financial crises in some different levels.The global financial crisis affected all consumers in the World non only economically but also psychologically. This new financial situation increased little terror and uncertainty on consumers in globe. In laboured and stressful multiplication such as economic crises, consumer behavior changes have occurred. Because of FC, consumers changed their behaviors by cut their consumption . People became money-minded and they dont want to spend 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 obtain list. Theyre comparing products and making their choices by compromising quality. Some of them started to take away their income by searching on e-commerce websites to catch best price. They are homework their purchasing by postponing expenditures like discretionary expenditure to make savings. Thus, their chalk up expenditure amount decreased because of global crisis. According to Mansoor and Jalal (2011), the role that consumers simulated military operation in these days is very crucial 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 finales. Consumers buying decision is changing person to perso n. However, after economic crises, consumer started to spend much time for information and decision making. By predicting consumers behavior, a business can understand 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 try to strengthen their long-term strategies.They should personalize their products to earn consumers loyalty. do investment to their brand and differentiating themselves against to their competitors are also crucial. Businesses should add new and unexpendable products to their portfolios and build tight relations with their consumers to survive in financial crisis. Consumers in Bahrain adapted to new trends after financial crisis. They preferred to purchase less(prenominal) priced and substitute products compared by expensive products. They though that expensive products are not that much worthy by considering their high pric es.