Importance of studying consumer behavior. Consumer Behaviour: Meaning, Factor, Advantages and Disadvantages 2019-02-08

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Why Consumer Behavior is Important for Business Managers?

importance of studying consumer behavior

Are they more bothered to meet their own demands and buy what they require for themselves? Whether they should buy Rs. In short the consumer behaviour implies study of behaviour of purchaser of all goods and services whether purely consumer goods, intermediate goods or capital goods. More social people can be motivated if the company appeals to the humane angle and promotion that suggests kindness and empathy. The television alone accounts for 6 hours of commercial advertisements every week Lamb et al. These general concerns alone are enough to justify our study.

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Consumer Behaviour: Meaning, Factor, Advantages and Disadvantages

importance of studying consumer behavior

Through the study he is motivated to buy or not to buy particular product. Knowledge of consumer behaviour is equally useful for middlemen and salesmen to perform their tasks effectively in meeting consumers needs and wants successfully. The methods that we use in this report are research by using internet and questionnaire survey for twenty respondents with four different age segment group. What does he actually buy? Consumer behavior concepts and theories have the most importance to marketers and salespersons. Table of contents Abstract i 1. The behaviour of consumers for all these products are taken on different considerations than short term consumer goods like fruits, juices, ice-cream or milk. How would you set your budget? Psychology plays a vital role in understanding how consumers behave while making a purchase.

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The Importance of Consumer Behaviour in Today's Modern Business

importance of studying consumer behavior

Please cite an example from our text or from our YouTube videos and use a personal example. When individuals form groups, their actions are sometimes relatively different from the actions of those individuals when they are operating individually. Helps Consumers to Study their Behaviour: The consumers often are guided by their income, emotions, opinion of others and they do not undertake study of their behaviour whether it is scientific or not. When everything revolves round the customerthen the study of consumer behaviour becomes a necessity. There are many more such examples.

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Consumer Behaviour: Meaning, Factor, Advantages and Disadvantages

importance of studying consumer behavior

It studies characteristics of individual consumers such as demographics and behavioral variables in an attempt to understand people's wants. A motive is an urge for which an individual seeks satisfaction. By studying consumer behavior, marketing professionals can tap into consumer experiences with similar products to promote consumption and gain competitive advantage over competitors. High priced products are introduced to take advantage of consumers weakness just by changing shape, packing etc. Impact of promotions on consumer behavior Such advertisements have a mass impact as consumers change the way they purchase products, the politicians they root for in polls, their medicinal options, the toys they gift their children, etc.

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Why Consumer Behavior is Important for Business Managers?

importance of studying consumer behavior

Disadvantages of Study of Consumer Behaviour: The marketers study the behaviour of consumer to mold it in favour of their product and sometimes make fancy claims and use objectionable techniques. It attempts to understand the buyer decision making process, both individually and in groups. Consumers, while buying a product or service, go through various steps. A large amount of additional time is spent thinking about products and services, talking to friends about them, and seeing or hearing advertisements about them. Examples of Failing to Understand the Consumer 1. In addition to the television, consumers also gain information from other forms of mass media like magazines, newspapers, radio, etc. Such a focus may link products and services either to an attainment of belonging, or link them with persons similar to those with whom others like to relate.

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Why Consumer Behavior is Important for Business Managers?

importance of studying consumer behavior

Consumers behave in different ways and some behave in similar ways or are alike , their approach to a product differ because some consumers prefer goods that apply to their personality, convenience and the attributes and brand of the product. Competition : Consumer behaviour study assists in facing competition, too. There are two major ways for behind customer purchases: by intensity how much they want , and by direction what they want. Why do we Study Consumer Behaviour? If we stop to think about it, we find that the entire day is filled with consumption and consumption decisions. Consumer Behavior is the set of value-seeking activities that take place as people go about addressing realized needs. For every segment, a separate marketing programme is needed. Consumer behavior is usually very complex because each one has a different attitude towards purchase, consumption and disposal of a product.


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The importance of studying consumer behavior

importance of studying consumer behavior

If we stop to think about it, we find that the entire day is filled with consumption and consumption decisions. Attitudes Consumer attitudes very often determine consumer beliefs about certain products. Attribute-based processing, however, requires much more effort on part of the consumer. Some involve a societal perspective while others illustrate a micro viewpoint. In other worlds it implies study of attitude of all consumers in disposing of their resources. Hence most of countries have framed and enacted many acts and regulations to safe guard the interest of consumers. Consumers collectively influenced Economic and social conditions within a society.

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How to Understand and Influence Consumer Behavior

importance of studying consumer behavior

Selling a laptop to an individual who is not much educated would be pointless. Helps in Sales Promotion If through the study of consumer behaviour one is able to know correctly the factors which influence buying decisions of the consumer one can promote sales of existing or new product. Consumer Behavior: Concepts And Applications. The marketers need to research and understand how the study of consumer behavior works and only can positioning their production in the particular groups of people. It includes the study of what they buy, when they buy it, where they buy it and how often they use it. That is the power of consumer behavior.

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Role of Consumer Behaviour in Marketing

importance of studying consumer behavior

Uncovering and correcting erroneous perceptions about a particular product may give marketers an additional competitive advantage over competitors. It also involves searching for a product, evaluation on various parameters, and finally consumption. Who makes the purchase decision? Consumer behavior includes observable behaviors such as the amount purchased, and when, with whom, by whom and how purchases are consumed. Only this way, companies can design products, services and offers that will make their customers happy! Marketing may be defined as: The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. The demonstration influence is also dependent upon psychology of an individual.


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