India

CONSUMER BEHAVIOUR

Marketing management nowadays has become very crucial for all the businesses which is centered on building brands by understanding consumer behaviour. By creating, planning, and implementing strategies that will help achieve wider business objectives marketers now are willing to have an in-depth research on consumer's behaviour . Marketing is important for businesses because it gives them a level footing to compete with larger players in the existing market. It can be said good marketing only when marketers understand the customers and what they require before you offer them anything, once it's done then offering that in the best possible way is what will fetch you gains. Consumer behaviour deals with how people are making purchase decisions on the basis of their emotional, mental, and behavioral responses, this is what influences their buying decision.

Consumer Behaviour is the study where we understand the individual's or group's purchasing and selecting or using or disposing of anything like products, services, ideas, or experiences to satisfy their needs or desires. Consumers can be an seven year old child asking for a Barbie doll to her mother or a multinational's exceutive who helps to decide on a multi-million dollar computer system.

Consumer behaviour is a continuous process which involves exchange of items for money where two organization or people meet and exchange something of value, which is an integral part of marketing. Consumer's play a very significant role in marketing strategies planning. Advertisers and other marketing professionals tends to learn about consumer behaviour so as to understand consumer's needs and preferences. Marketers can tend to satisfy these needs only to the extent that they understand the people or organisations that will use the product and services they sell.

There are different people with different priorities and this change makes it more important to identify distinct market segments and to develop specialised messages and products for those groups.

Consumer is the king of the market as they are the ones whom we are offering, the more we sell the more we will gain and that is what is required in today's world. profit maximisation and consumer satisfaction are two main motives of any business. without profit a business will not grow and without customer business will not run, so as to keep both consistent consumer's behaviour should be understood throughtout.

Building loyalty to a brand is a smart marketing strategy, so sometimes companies define market segments by identifying their most faithful customers. Customers can vary in terms of

* Age

* Gender

* Social class

* Race

* Ethnicity

* Lifestyle

* Income level

And many more

Many marketers tailor their offerings to appeal to consumers who live in different parts of the country.

Let us now understand how costumers acts to Novelty:- Novelty activates a part of the brain called substantia nigra. This area is closely associated with learning, memory and emotion. When novelty acts on a number of zones in the brain the release of dopamine influences the consumers’ receptivity. This may not mean that everything that is novel will be accepted by consumers. Things to be taken careof :-

1. Customers attitudes - it is a composite of a person's beliefs, feelings, and behavioral intentions toward your business. These attitudes are often formed based on a blend of factors. Particularly influential are an individual's past experiences that play a considerable role in developing and solidifying certain attitudes.

2. Customer value - Customer value is the perception of what a product or service is worth to a customer versus the possible alternatives. Worth means whether the customer feels s/he got benefits and services over what s/he paid. In a simplistic equation form, customer value is benefits – cost (CV = B – C).

Comment (2)

Riva Collins

June 6, 2022 at 11:00 am

Great, Informative blog

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Sandeep

June 4, 2022 at 12:20 am

It’s no secret that the digital industry is booming. From exciting startups to need ghor global and brands, companies are reaching out.

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