Buyer or Consumer Behaviour

Market Targeting

Buyer or Consumer Behaviour

A product or service should have a consumer to buy it. Thus, it is very necessary to make a study on the behavioral aspect of the consumer i.e., there must be the reasonable answer to the following questions:
What does a consumer buy?
Where from does he buy?
When does he buy?
How much does he buy? and
Why does he buy?
Though the first four questions can be answered by carrying out statistical data based market research known as ‘retail audit’, ‘prescription audit‘, etc., the answer to the last question is indeed a very difficult one and can be answered by carrying out ‘motivational research’. Nevertheless, the answer to the ‘Why’ of consumer behaviour is the most important factor to any organization while designing a successful product/service and its marketing strategy.

Consumer Behaviour

Definition of ‘Consumer Behaviour

A consumer is a person who purchases goods and services for his own personal needs. Consumer Behaviour can be defined as those acts of ‘individuals’ which are directly involved in making decisions to spend their available resources (time, money, energy) in obtaining and using goods and services.

General Characteristics of Consumer Behaviour

The reason for studying Consumer Behaviour lies in its general characteristics, as it may affect present day business operation. These characteristics can be described as below:
The Consumer is the King.
The Consumer Behaviour can be known.
The Consumer behavior can be influenced. Why Study Consumer Behaviour?
It will help to segment the market usefully
It will aid in development of an effective marketing mix
It will help to assess new market opportunities concept is unlikely to get discarded for a very long time to come, because there would always be products and populations of such a nature that some companies would feel.

OUR COURSES

Online Professional Certification