Consumer behavior may be understood as the decision process and physical activity individuals engage in evaluating, acquiring, using or dispossing of products. The benefits of studying consumer behavior have significant bearing on marketing and public relations decisions studies focusing on consumer behaviors yield important information and insight into what consumers are thinking. All the marketing efforts of the businesses are based on the consumer behavior patterns this means that the marketers of businesses try to know what would be the response of consumers against the features, prices and advertising campaigns.
6-1 the importance of understanding consumer behavior in today’s world, consumers’ product and service preferences are constantly changing marketing managers must understand these desires in order to create a proper marketing mix for a well-defined market. Understanding consumer behavior is the initiation of the creation of an accurate marketing strategy a product’s success/ failure is the evaluation of consumer responses to a particular marketing strategy. Marketing research can be specified as the main tool to impact consumer behaviour in order to increase the levels of consumer loyalty and achieve long-term growth of the businesses marketing research can be divided into the following stages: the first stage is associated with problem definition.
In a nutshell, consumer behaviour theories and concepts are of most importance to the sales people or the marketers as products are made to cater consumer’s needs and demands, therefore, the products should be carefully marketed for the successful achievements of organizational goals. The importance of consumer behavior, especially in terms of properly interpreting that behavior, is crucial to the success of any type of business ultimately, how consumers behave as it relates to the selection of goods and services for purchase has a tremendous influence on what companies manufacture and market. Understanding your customers’ buying behaviour is one of the elements that helps to be successful without this understanding it makes gaining more customers difficult especially in today’s competitive world. Importance of consumer behavior consumer behavior is very important to marketers because it gives them a lot of extraordinary tools that allows them to manipulate and persuade customers. Consumer buying behavior is an art and science studied by major corporates, and one which marketers are trying to influence and affect at all times.
Understanding consumer behavior is a vital aspect of marketing consumer behavior is the study of how people make decisions about what they buy, want, need, or act in regards to a product, service. This section of the marketing plan delves into market research, market segmentation, target marketing, and consumer behavior market research market research is the systematic process of collecting, analyzing, and reporting information to enhance decision making throughout the marketing planning process (shank 2005. All marketing decisions are based on assumptions and knowledge of consumer behavior, (hawkins and mothersbaugh, 2007) researching consumer behavior is a complex process, but understanding consumer behavior is critical to marketers-they can use it to. Consumer behavior is the study of how people respond to products and services, followed by their marketing and selling it’s of huge importance to managers because the focus on consumers is the key contributor to the marketing of business practice. Consumer behavior definition: the consumer behavior is the observational activity conducted to study the behavior of the consumers in the marketplace from the time they enter the market and initiate the buying decision till the final purchase is made.
It’s time (online) marketers have a different approach towards optimization rather than only thinking in terms of tactics or siloed optimization, what if we focused more on consumer behavior and preferences it doesn’t mean channels and tactics aren’t important however, optimization is an. Consumer buying behavior refers to the buying behavior of the ultimate consumer a firm needs to analyze buying behavior for: buyers reactions to a firms marketing strategy has a great impact on the firms success. The importance of studying consumer behavior frankfurt school of finance & management first of all it is defined as the area of research within the field of marketing that focuses on how. Importance of studying consumer behaviour role or importance of study of consumer behaviour can be explained with reference to the the more the consumer behavior learnt marketing concept calls for the need of consumer behavior for formulating effective marketing mix 7 targeting.
Importance of consumer behaviour it helps to understand human behavior and various internal and external motives that influence human behavior it helps marketers to determine customer needs, expectations, problems, preferences etc which help them to estimate demand for a product or service. Consumer behavior covers a broad variety of consumers based on diversity in age, sex, culture, taste, preference, educational level, income level, etc consumer behavior can be defined as “the decision process and physical activity engaged in evaluating, acquiring, using or disposing of goods and services. Consumer behaviour studies the consumer response pattern on a continuous basis so, a marketer can easily come to know the changes taking place in the market based on the current market trend, the marketer can make necessary changes in marketing programme to adjust with the market.