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Tuesday, October 27, 2015

Consumer Behavior - Part 1

Consumer Behavior

The study of consumer behavior helps companies to improve their marketing strategies by understanding how consumers think, feel, reason, and select between different brands, products, and retailers….etc.

Consumer behavior is "The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

The impact of consumer behavior on society is of interest. For example, the aggressive marketing of foods high in fat or aggressive marketing of easy credit, may have serious impacts on health and the national economy.

consumer behavior can be applied for some purposes such as:

marketing strategy for making better marketing campaigns. You should take into consideration the following basic strategies:

(1)   firms that introduce new products must be properly funded so that they can stay afloat until their products become commercially successful.

(2)   it is important to please first customers, as they will in turn influence  brand choice of many future clients.

Social marketing that involves getting ideas across to consumers rather than selling something.

Study of consumer behavior should make us better consumers.

Consumer behavior will analyze the strengths and weaknesses of our own business and those of competitors. To evaluate the potential threat of a competitor, we need to examine its assets (eg technology, patents, market knowledge, brand awareness) against the pressures it faces in the market. Finally, we must evaluate the marketing environment.
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