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It is important for the marketers to understand the buyer behaviour due to the following reasons.
v The study of consumer behaviour for any product is of vital importance to marketers in shaping the fortunes of their organisations. v It is significant for regulating consumption of goods and thereby maintaining economic stability. v It is useful in developing ways for the more efficient utilisation of resources of marketing. It also helps in solving marketing management problems in more effective manner. v Today consumers give more importance on environment friendly products. They are concerned about health, hygiene and fitness. They prefer natural products. Hence detailed study on upcoming groups of consumers is essential for any firm. v The growth of consumer protection movement has created an urgent need to understand how consumers make their consumption and buying decision. v Consumers’ tastes and preferences are ever changing. Study of consumer behaviour gives information regarding colour, design, size etc. which consumers want. In short, consumer behaviour helps in formulating of production policy. v For effective market segmentation and target marketing, it is essential to have an understanding of consumers and their behaviour.
The main role of marketing manager is to satisfy needs and wants of the Customers. This can only be done by the study of Consumer Behavior. Consumer is the most important person to the marketer because the marketer takes in to consideration on the liking and disliking of the consumer and he produces the goods and services accordingly. The more the Consumer Behavior is learnt the more the needs and wants of the Customers are fulfilled. The Study of consumer behavior helps us;
•To design the optimal product or service for customers.
•To determine where the product or Service should be available that would easy for the customers to buy.
•To determine what price will the customers give up purchasing product or service?
•To determine which method of Promotion would be most effective for getting the customers to buy a product.
•It helps in changing the behavior of the consumers.
•To improve performance of the organization.
•To achieve the organizational objectives.
The most important thing in business is to keep running, gaining more profit & survive competince. First of all we should learn how consumers react and what are their interests and how to convince them with the goods and how to encourage them to buy more and keep on returning back for more.
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