Tuesday, May 24, 2022

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    Importance of Consumer Behavior

    What dress to wear today? What to have for breakfast? Where to go shopping? Which color of the bag to buy?
    How many decisions do you make in a day? Are your decisions influenced by any factor?
    Your decisions are influenced by many factors such as your need, want, and desire. This gets reflected in your behavior.
    For any company, it is important to know what its customers or consumers need, want, and desire so that they provide a valuable offering to its customers.

    To know this, it is important to understand Consumer behavior:

    Consumer behavior is the study of consumption associated with customers’ purchasing, evaluation of purchasing, buying, using, and disposing of the product or service including their mental, emotional, and behavioral responses.
    It is important because it helps marketers to understand customer buying decisions. It is behavioral science.
    However, It can be influenced by marketing campaigns, economic conditions, personal preferences, group influences, purchasing power. A fair understanding of the factors and purchasing trends forms the basis of consumer behavior that helps marketers identify the needs of the consumer and accordingly offer them with offering that can be valuable to them.
    After all, long-term sales stability is not just about having a great product. It’s about meeting consumers’ needs, understanding what makes them tick, and speaking to them in the ways that make them want to engage and eventually led them not only to purchase but also create a brand image.

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