IMPORTANCE OF CONSUMER BEHAVIOUR FOR AN ORGANIZATION: Importance of consumer behavior helps to answer the following questions and hence highlights the need for consumer behavior:
- First of all, it helps to understand the occupants of markets.
- Its also helps to understand what object is bought in the market.
- It helps to understand the reasons why a consumer involves in buying.
- It clarifies the organization’s participation in buying.
- The process adopted by the market before & after buying.
- The occasions and time, products or services are bought.
Importance of Consumer Behaviour for all streams:
- Consumer behavior is the segment of the market.
- It also helps in the planning of marketing company according to the needs of the consumer.
- It is equally important to understand the ever-changing tastes of the consumer.
- The consumer is the king of the market. In addition, the market cant gets profit without consumers.
- The consumer does not always act or react as the theory suggest.
- Consumer preference also changes and become highly diversified.
- It helps to understand the consumer decision-making process.
- The determine which method of promotion would be the most effective for getting the customer to buy a product.
- It also helps in improving the performance of the organization.
