Consumer behavior can be defined as the decision process and physical activity engaged in evaluating, acquiring, using or disposing of goods and services. This paper explores the role of consumer behavior in present marketing management scenario. The knowledge of consumer behaviour enables marketers to take appropriate marketing decisions. The impact of factors influencing the buying behaviour on the. In the increasingly competitive world marketplace, companies need to have a deeper insight into consumer e b havior and educate consumers about the brand in order to develop effective marketing. Many things can affect consumer behavior, but the most frequent factors influencing consumer behavior are. Consumer behaviour means the how,when,why,where consumers buy goods and services n the market place. One of the major reasons for studying consumer behaviour is that it helps businesses to better understand their prospects and customers.
The psychologies of how consumers think, feel, reason, and select between different options of brands and products. Importance of understanding buyer behavior principles of. Various factors, be it cultural, social, personal or psychological influence the. Consumer behaviour jane priest is a teaching fellow at edinburgh business school and teaches parts of the oncampus marketing course, as well as the consumer behaviour elective by distance learning. Importance of consumer behaviour to marketers it is important for marketers to study consumer behaviour. Jul 25, 2011 the importance of consumer behavior to marketers abstract in this report, we are going to discus the importance of consumer behavior study, knowledge and understanding to marketers, and how it will have a positive impact on the organization growth and revenue. The importance of consumer behavior to marketers abstract in this report, we are going to discus the importance of consumer behavior study, knowledge and understanding to marketers, and how it will have a positive impact on the organization growth and revenue.
Why consumer behaviour and an understanding of such processes is useful from the perspective of the marketer. The more important function and purpose is to influence the behaviour of consumers through advertisements, incentives and other methods so that consumer behaviour is studied by marketing personnel to influence the behaviour of consumers after studying what factors decides the behaviour for a particular product, persons, groups or regions. To design production policies, know the effect of price on buying, exploit the market opportunities, design marketing mix, implement stp strategies. Knowing what your customers want and why theyre buying what they buy will tell you everything you need to know about how to complete a sale. Role or importance of study of consumer behaviour can be explained with reference to the points stated as under. Effective business managers realise the importance of marketing to the success of their firm. The importance of knowing and understanding consumer behavior in modern marketing is vital. The importance of consumer behavior and preferences. The world has changed dramatically, and continues to evolve rapidly. Although the relative importance of the internet marketing for an organization still largely depends on the nature of its products and services and the buying behavior of its target audience, there has been a global dramatic change in media. The importance of consumer insights in todays marketing strategies 11042014 08. Behaviour on the development of marketing strategies for luxury fashion products a study of the urban youth in select cities of india submitted by radhika narayanan is a bona fide research work for the award of the doctor of philosophy in business.
Marketing campaigns influence purchasing decisions a lot. Consumer behavior is the study of how people respond to products and services, followed by their marketing and selling. The importance of consumer insights in todays marketing strategies. An individual who goes for shopping does not necessarily end up buying products. As a result the role of a consumer behaviour is pivotal to all strategy for marketing. As the consumer is more aware of the brand and he has all the knowledge about.
Rakesh kumar assistant professor in commerce, shaheed bhagat singh college. The importance of marketing segmentation gillian martin, kaplan university, usa abstract the rationale behind marketing segmentation is to allow businesses to focus on their consumers behaviors and purchasing patterns. These data allow us to offer an approximated picture of the consumer behavior in marketing management. Focus on more supportive beliefs that outweigh the dissonant belief or behavior. The behaviour that the consumers display in searching for, purchasing, using, evaluating and disposing. Brand image and consumer behavior brand image has been studied extensively since the 20th century due to its importance in building brand equity. This exciting field visits a dynamic blend of themes of consumer marketing strategies, psychology and. The importance of consumer behavior to marketers essay. As a recognizably powerful tool for organizing consumer a he bbbehavior eha knowledge. Furthermore, there is a difference between consumer behaviour and buying behaviour.
The importance of consumer behaviour in marketing management is also known as the significance of consumer behaviour. The importance of consumer behavior to marketers essay 2314. If its bright and shiny that everyones after, give it to them. Why is consumer behavior important for a business firm. Consumer behaviour deals with the process of an individual or organization in coming to the purchase decision, whereas consumption behaviour is. Consumer behavior the marketing strategies of many organizations can be modified by simply understanding issues such as.
Why consumer behavior is important for business managers. Knowledge of his activities and behaviour is one of journal of commerce and trade april 2017 vol. Consumer behavior as a fundamental requirement for effective. If its the right influencer marketing strategy using a popular personality, go for it. Pdf the impact of branding on consumer buying behavior. Importance of consumer buying behavior important of. Consumer behaviour meaning, determinants and its importance.
Consumer behaviour and role of consumer research consumer is the focus of all the marketing activities. Nov 08, 2012 need or importance of consumer behaviour the modern marketing management tries to solve the basic problems of consumers in the area of consumption. It is really important for marketers to understand what prompts a consumer to purchase a particular product and what stops then from buying it. Consumer behaviour and role of consumer research in marketing.
Consumer behaviour and role of consumer research in marketing dr. Importance of consumer behaviour it helps to understand human behavior and various internal and external motives that influence human behavior. Businesses need to wake up to this fact and improve their insights into consumer behavior. This way, businesses can mitigate risk, create effective strategies, develop the right messaging and get invaluable feedback from their customers. American journal of business education june 2011 volume 4. Sep 27, 2018 the primary importance of consumer buying behavior lies in the fact, that you can know how the consumer is going to behave. Keywords toxoplasma, pregnancy, diagnosis, treatment factors influencing consumer behaviour. The study of consumer behaviour is the study of how individual make decisions to spend their available resources money, time, and effort on consumptionrelated items. Nov 26, 2019 consumer behavior in marketing patterns, types, segmentation by valentin radu 10 min read november 26, 2019 consumers are really complex in needs and expectations, but if you segment them accordingly and understand their behavior, you will know how to treat your customers and increase the number of loyal ones. Importance of the study of consumer behavior analysis market opportunity selecting target market marketing mix decisions product, price, distribution, promotion use in social and non profit marketing development of marketing concept the societal marketing concept ethics in marketing 7. Need, wants or demands depending on the status the person is in. Pdf this paper explores the role of consumer behavior in present marketing management scenario. All consumers visiting the stores to shop are unique in themselves.
Consumer behaviour refers to the study of buying tendencies of consumers. She is a key member of a team exploring how technology can be used to enhance the student learning experience. The importance of consumer insights in todays marketing. Importance of consumer behavior in a marketing strategy. Consumer behavior covers a broad variety of consumers based on diversity in age, sex, culture, taste, preference, educational level, income level, etc. What appeals to customers one day may not work the next. Mar 31, 2017 1 consumer behaviour and marketing management. The evaluation of marketing concept from mere selling concept to consumer oriented marketing has resulted in buyer behaviour becoming an independent discipline. The study of consumer behaviour emphasizes the why and how questions involved in decision making and buying behaviour. Consumer behaviour definition, importance, example. Pdf consumer behaviour and role of consumer research in. Declaration i hereby declare that the thesis titled the impact of factors influencing the buying behaviour on the development of marketing strategies for luxury fashion products a study of the urban youth in select cities of india submitted for the award of doctor of philosophy phd in business management at d.
Understanding these factors is of utmost importance because the marketing of product are largely dependent on these factors. Consumer behaviour is a study of how individuals make decision to spend their available resources time, money and. It helps marketers to determine customer needs, expectations, problems, preferences etc. Importance of consumer buying behavior marketing blog for. Consumer behaviour deals with the process of an individual or organization in coming to the purchase decision, whereas consumption behaviour is a study focus on consuming unit or service. Consumer behaviour by name means behaviour of the consumer which again means how consumer behaves around a particular product of a company. The everchanging market puts a toll on organizations in a form of dynamic customer behavior. Consumer behaviour as highlighted before talks about process and actions taken by the final or end users where as buyer behaviour looks at intermediate users who add value to goods and service and final users. The contribution of the article provides revenue managers with insights into consumer behaviour at the point of purchase in how consumers trade off price with nonprice information. The psychologies of how consumers think, feel, reason, and select between different options of.
The growth of consumerism and consumer legislation emphasizes the importance that is given to the consumer. The importance of consumer behavior and preferences its time online marketers have a different approach towards optimization. There are various reasons the consumer is buying your product. The impact of factors influencing the buying behaviour on. If done right and regularly, with the right marketing message, they can even persuade consumers to change brands or opt for more expensive alternatives. Understanding of the consumer behaviour begins with study of the consumer buying process. It concerns with modern marketing philosophy identify consumers needs and satisfy them more effectively than competitors. The evaluation of marketing concept from mere selling concept to consumeroriented marketing has resulted in buyer behaviour becoming an independent discipline. Consumer behaviour is a concept in marketing where in companies study how individual persons, groups of people or large entities buy, sell or interact with a product, service or a brand in the market.
The primary importance of consumer buying behavior lies in the fact, that you can know how the consumer is going to behave. Understanding consumer behavior is one of the pillars for building a strong company. Consumercentric marketing is more than just a buzzword. Studying consumer behavior is important because this way marketers can understand what influences. Marketers in todays business environment are presented with the particular challenge of circumventing conflicted messaging, oversaturation of marketing initiatives, and consumer hesitation and guarded behaviour in order to achieve their objectives of enhancing long. Pdf analysis of consumer behavior and marketing strategy. If done effectively, marketing segmentation allows an.
Rather than only thinking in terms of tactics or siloed optimization, what if we focused more on consumer behavior and preferences. Business functions like accounting, production, or finance, dont need to factor in the. It is important for them to know consumers as individual or groups opt for, purchase, consumer or dispose products and services and how they share their experience to satisfy their wants or needs solomon, 2009. Consumer behaviour and consumption behaviour are two different concepts developed and cannot be used as a substitute. Consumer behavior in marketing patterns, types, segmentation. Nature and importance of consumer behaviourbba, mba. It is important for marketers to study consumer behaviour. A sound understanding of consumer behaviour is essential to the long run success of any marketing program. There are several stages a consumer goes through before he finally picks up things available in the market. The economic model, the learning model, the psychoanalytic model and the sociological model the influence of the various social sciences such as economics, psychology, sociology and anthropology has promoted marketing experts to propound certain models for explaining buyers behaviour. To survive in the market, a firm has to be constantly innovating and understand the latest consumer needs and tastes.