Consumer behavior is not just important to attract new customers, but it is very important to retain existing customers as well. The study of when, why, how, and where people do or do not buy a product is consumer behaviour. It makes marketing consumer-oriented. Consumer behaviour emerged in the 1940s and 50s as a distinct sub-discipline in the marketing area. Modern Philosophy: It concerns with modern marketing philosophy – identify consumers’ needs and satisfy them more effectively than competitors. According to Engel et al. Market your products with this single lethal weapon. If the company fails to read the customer’s mind, it may end up in losses. Importance of Consumer behaviour It helps to understand human behavior and various internal and external motives that influence human behavior. Importance of Study Consumer Behaviour

Study of consumer behaviour helps to achieve this purpose. As a matter of fact, consumer behaviour is dynamic. 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. (1990: 22) and Schiffman & Kanuk (1997: 8), consumer behaviour is regarded as a relatively new … Importance of Consumer Behaviour in Marketing. Simply put, if consumers don’t like a product, it will not sell and …

Importance of Consumer Behaviour to business managers. The study of consumer behaviour is the analysying of how individuals make decisions to spend their available resources (time, money, effort) on consumption-related items.

ADVERTISEMENTS: Role or importance of study of consumer behaviour can be explained with reference to the points stated as under: 1. 2.2.2 The origin and importance of consumer behaviour . Therefore, marketing the product should be done in such a way that it will convince customers to buy the product again and again.

The final purchase activity which is visible to us and the decision process which involves a number of complex variables and not visible to us. The main purpose behind marketing a product is to satisfy demands and wants of the Consumers. Understanding consumer behavior is important for all companies, especially before the launch of a product or service. By Amy N Barkman - Last Updated on July 25, 2018 Share: Tags : consumer behavior. As consumers are the most important person for marketer or sales person, therefore it is important for them to consider the likes and dislikes the consumers so that they can …

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