CONSUMER BEHAVIOR AND IMPORTANCE OF CONSUMER BEHAVIOR IN MARKETING
Consumer behavior is defined as the behavior that consumer show in searching for, purchasing, using evaluating and disposing of the products and services that they expect will satisfy their needs.
In the other words, we can say that consumer behavior focuses on how individuals make decisions to spend their resources on consumption related items.
According to AMA(American Marketing Association),“Consumer behavior is the dynamic interaction of effect and cognition, behavior, and environmental events by which human beings conduct the exchange aspects of their lives.”
IMPORTANCE OF CONSUMER BEHAVIOUR IN MARKETING:
- It helps the marketer to viral decisions with respect to designing of future market strategies.
- Consumer behavior helps in understanding the taste & preferences of customers because if consumers prefer a particular brand and make the purchase and consumption of same their regular habit so marketers think about improving their brand.
- It also helps an organization to rebuild the corporate policies or take action to reframe the corporate mission statement. This is in order to take on changing consumers tastes.
- Consumer behavior also has the effect on the entire social network. It again helps an organization to target a specific audience or set of consumers.
- The behavior of consumers gives the nation a different face, either good or bad.
- It helps in the scheduling of events, for example, any product launch or any advertising campaign.
- The consumer behavior also relates to cultural attributes.
- The study of consumer behavior helps to identify the & P’s of the marketing and marketing mix.