The modern marketing management
tries to solve the basic problems of consumers in the area of consumption. To
survive in the market, a firm has to be constantly innovating and understand
the latest consumer needs and tastes. It will be extremely useful in exploiting
marketing opportunities and in meeting the challenges that the Indian market
offers. 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.
21 comments
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