Marketing and Consumer Behaviour – Dealing with Market Trends Essay
Consumer behavior is defined as the mental and emotional process along with the physical activities of the people who purchase/ consume goods and services to satisfy their particular needs and wants. One of the advantages of consumer behavior can be seen when looking at advertisers and how they advertise by keeping the consumers in mind.
Advertisers spend a lot of money to keep individuals and groups of individuals (markets) interested in their products. To succeed, they need to understand what makes potential customers behave the way they do.
The advertiser’s goal is to get enough relevant market data to develop accurate profiles of buyers that is basically to find the common ground and symbols for communication. This involves the study of consumer behavior: the mental and emotional process and the physical activities of the people who purchase and use goods and services to satisfy particular needs and wants.
Along side the behavior of organizational buyers (the people who purchase the products and services for use in business and government).
The primary mission of advertising is to reach prospective customers and influence their awareness, attitudes and buying behavior. This can be done successfully only through knowing the consumer preferences, behavior towards various stimuli i. e.
consumer behavior. Consumer behaviour is such a thing which depicts consumer’s attitude towards a product. It shows consumer’s likeness or dis likeness towards the product. Consumer behaviour plays a very important role in the success or failure of a product.
If a consumer is satisfied from the product then his behaviour would be positive towards the product and if he is not satisfied from the product then his behaviour would be negative towards the product. A company’s success largely depends upon the consumer’s positive behaviour. Today’s consumer is very well aware about the products available in the market. He knows what is a good product and what is a bad product.
He is well educated and decides to purchase goods on merit. He will never go for such products which do not meet the quality tandards. He will buy only those things which will truly satisfy his needs and expectations. Today’s global companies truly believe on this idea that a consumer must be fully satisfied.
For this purpose they have the special departments like Research and Development. These global companies keep on doing research on the products and their customers. From research and surveys companies get the true picture of its standing in the market. According to the consumers’ feed back they further develop and improve their products.
For consumer it is an advantage that the company gives respect to his views and attitude and bring changes in the products accordingly. 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. ales of any product or services.
So, when a new product is launched in the market, understanding consumer’s buying behavior becomes very essential. For this marketer has to study and understand the various factors which influences the customers thoughts while buying any product or services. In simple words, the various reasons which govern and finally force the customer to go for that particular product and services. So, Consumer Behavior can be defined as the study of when,why,where and how people buy or do not buy any products and services.
Thus,study of consumer behavior help the marketers to take vital decisions on marketing strategies for launching their new product. Basically there are two reasons for buying any product/services: 1) Necessity driven buying behavior — Every human being has certain basic needs and to fulfill those basic needs, one has to buy related products. Such buying behavior is said to be necessity driven and varies from person to person. 2)Impulsive buying behavior –Sometimes, there is no preconceived notions in the mind of the consumers, however certain product features, packaging, promotional schemes etc force the consumers to buy them.
So, the marketers have to analyze the various factors which influence the consumers for impulsive buying or necessity buying . This needs the study of various other factors like: 1) Culture –Human beings are social animal and are highly influenced by their society. Also every society is different from one another and are governed by set of different wants,perception,behaviour and values which again depends upon its culture,subculture,social class. So,buying behavior differs from one culture to another culture .
This helps the marketers to recognize the culture factor of their target customers and design& strategies their products accordingly. 2) Social factor-People are highly influenced by preferences of other people around them like family, friends, neighbours and roles and status and try to follow them. 3) Personal factors – like age, life style and occupation of the consumers, product life cycle influence consumer’s mind. Eg: people with different occupation will have different choice of products /services.
4)Economy—buying potential of a consumer is a very important factor influencing buying behaviour.So,products pricing should be as per consumers purchasing power otherwise the consumers start looking for alternative choices. 5) Psychological factor—every consumer has set of perceptions, beliefs and attitude. So, marketers must understand those psychological factors and motivate the consumers to buy the product.
Consumers are the end users of any product or services and hence, study of consumer behavior is important for the marketers to analyze the various factors which influences consumers mind for buying products or services.