Consumer behavior studies focuses on the behavior of consumer in response to a product or services brand attributes and it also analyses the decision making process of a consumer when they are deciding about the purchase of a particular product or services. There are various attributes to consumer behavior like perception of brand, development of feeling towards a brand, satisfaction of the need or ego after making a purchase and reaction to various stimulus, learning and memory process which insures a on time brand identification and brand recall while making a purchase which influences a consumer behavior.
For a marketing profession understanding of the basic concepts of consumer behavior and their practical application to target consumers in more focused way. Consumer buying behavior and their decision making process is a very complicated activity and there are lots of variables and influences which acts upon it to make the final decision. Importance of understanding the consumer behavior has been enhanced with the growing international trade and globalization of business all over the world. As the international boundaries of business are getting diluted more companies are entering into the market making markets a very competitive arena. More than ever an organization needs to keenly observe and gain insights about the behavior of their target consumer in order to remain competitive and sustainable in the market. Factors which influence the consumer behavior are both external and internal in nature. External factors could be analyzed using analysis models like PESTLE, SWOT AND PORTER’S 5 forces while internal factors are majorly attitude, psychology, demographic and disposable income factors which determines a consumers behavior.
Memory and learning process are one of the key stimuli of sensory system and they can be used very effectively by organizations to modify consumer behaviour. By advertising repeatedly in front of customer and using catchy tunes and jingles are the methods which are incorporated by organizations to assure that when consumer makes the buying decision concerned brand should be on the top of his mind and it should be first preferences of the consumer.
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