Perceptions Studying consumer behavior helps marketers understand consumer perceptions about a particular product or range of products. Consequently, the collective behavior of consumers has a significant influence on the quality and level of our standard of living. Notice that the definition encompasses services and ideas as well as products. This is one area in marketing that is grossly under-represented in contemporary academic and media discussions. The former reflects to what extent a person may engage in and enjoy thinking.
The science, however, can help them to study cost benefit of their buying decisions. Some involve a societal perspective while others illustrate a micro viewpoint. Even within these groups, there can be a wide diversity of characteristics. Conclusion: The study of consumer behaviour basically is to mold consumer behaviour and his decisions by market man and to avoid failure of their product, promote new products and for sales promotion. Marketing takes this information to create ad campaigns about existing and new products with the intent to create a demand for products and services.
Consumer behaviour, thus, improves performance of the entire distribution system. Instead of trying to change behaviors, marketers can learn how to play into them and utilize them to their advantage. Some of the factors that may influence consumer purchase decisions are the cultural influences, social influences, personal factors and psychological factors. I observed 5 consumers in total, consumer A and B in the cereal aisle and consumer C, D and E in the Bread aisle. Significance in daily lives: In a general sense, the most important reason for studying consumer behavior is the significant role it plays in our lives. It gave tough competition to Hindustan Lever, Surf the market leader and today Nirma has become a big producer. Helps to understand consumer psychology The study of consumer behavior enables the marketer to understand the psychology of consumers.
Then there are purely consumer goods with short life and once they are used they extinguish. A marketer studies how consumers spend their available resources on the consumption of related items. Meaningful marketing programme is instrumental in realizing marketing goals. Each segment needs and wants different products. In formulating the marketing strategy, to sell the product effectively, cost-benefit analysis must be undertaken. Marketing is all about building profitable customer relationships by creating value for customers and capturing value in return in the form of profits.
For all this, exchange is required. Since building a brand is based upon establishing an intellectual and emotional relationship, business planners, product developers and marketers must all take the cultural context into consideration. For example, the United Way and the American Red Cross have been effective in applying an understanding of consumer behavior concepts tot heir activities. The study of Consumer behavior plays an importance role to the marketers which need to study in how individuals, groups and organizations select, buy, use and dispose of goods, services, idea or experiences to satisfy their needs and wants. Customers will publicly Tweet, including me, complaints. Consumer behavior is explained and the way companies learn about consumer behavior is discussed.
Today's consumers have changed dramatically in how they choose to work with the companies and brands they patronize. Therefore, a firm that concentrates on satisfying a small proportion of desires will most effectively utilize its resources. Added to the complex demographic puzzle is the new global economy where consumers can virtually come from any part of the world that has an Internet connection. The decisions are also influenced by education, stage of economic development, life style, information, size of family and host of other factors. The study of Consumer behavior plays an importance role to the marketers which need to study in how individuals, groups and organizations select, buy, use and dispose of goods, services, idea or experiences to satisfy their needs and wants. It also involves searching for a product, evaluation on various parameters, and finally consumption.
It helps the manager to be dynamic, alert, and active in satisfying consumers better and sooner than competitors. The dress is also influenced by climate along with other factors. Marketing of a product is largely dependent on these factors and consumer behavior serves as a tool for marketers to meet their sales objectives. Consumer behavior is the study of individuals and organizations and how they select and use products and services. Businesses and marketers that do not search for consumer insights, or who fail to understand their anthropological backgrounds, will not be able to connect or engage with prospects and won't be able to motivate them to become customers. Focus groups — Bring a group of consumers together and ask them questions directly.
Target reaches younger customers with higher incomes than its competitors. In such cases often claims are exaggerated and benefits in the form of sales promotion scheme is only to seller and not to buyer. The complex model considers both internal and external variables. The government in most of the countries has found that though consumer is the king he is exploited. Because social media, do you know why that? This impacts the product sales as there is increased product awareness. The psychology of customer develops on the basis of knowledge he has.