Mental, emotional processes and the physical activities of people in regards to a product or service they provide is something marketers need to study in order to be market leaders in their respective industries thus the study of consumer behaviour is very vital for firms to survive. Consumer behaviour is the study of individual, group, or organisations and the processes they use to select, secure use and dispose of products, services, experience, or ideas to satisfy needs and impact that these processes have on the consumer and society.
Consumer behaviour is important as it concerns with modern marketing philosophy that identifies consumer needs and satisfy them more effectively than ...view middle of the document...
The programme can be more relevant if it is based on the study of consumer behaviour. Meaningful marketing programme is instrumental in realizing marketing goals.
5. Adjusting Marketing Programme over Time:
Consumer behaviour studies the consumer response pattern on a continuous basis. So, a marketer can easily come to know the changes taking place in the market. Based on the current market trend, the marketer can make necessary changes in marketing programme to adjust with the market.
6. Predicting Market Trend:
Consumer behaviour can also aid in projecting the future market trends. Marketer finds enough time to prepare for exploiting the emerging opportunities, and/or facing challenges and threats.
7. Consumer Differentiation:
Market exhibits considerable differentiations. Each segment needs and wants different products. For every segment, a separate marketing programme is needed. Knowledge of consumer differentiation is a key to fit marking offers with different groups of buyers. Consumer behaviour study supplies the details about consumer differentiations.
8. Creation and Retention of Consumers:
Marketers who base their offerings on a recognition of consumer needs find a ready market for their products. Company finds it easy to sell its products. In the same way, the company, due to continuous study of consumer behaviour and attempts to meet changing expectations of the buyers, can retain its consumers for a long period.