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
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.
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:
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.
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People are highly influenced by preferences of other people around them like family, friends, neighbours and roles and status and try to follow them.
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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.
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.
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.