NEED AND IMPORTANCE OF CONSUMER BEHAVIOR FOR AN ORGANIZATION:
The study of consumer behavior helps to answer the following questions and hence highlights the need for consumer behavior:
- It helps to understand the occupants of markets.
- It helps to understand what object is been 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:
- It helps to segment the market.
- It helps in the planning of marketing company according to the needs of the consumer.
- It helps to understand the ever-changing tastes of the consumer.
- The consumer is the king.
- The consumer does not always act or react as the theory suggest.
- Consumer preferences are changing 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 helps in improving the performance of the organization.
