NEED OR IMPORTANCE OF CONSUMER BEHAVIOUR

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. 

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