Consumer Behavior complements and consummates the application of “Marketing Concept” in every organization as a way of achieving overall corporate objectives. Consumers’ experience has been widened by their exposure to competing products, rapid changes in technology, which result in regular availability of innovative products. They set high expectations for any product or service to meet their present and future needs.
CONSUMER BEHAVIOR AND MARKETING
A knowledge of consumer behavior serves as a strong basis for the development of effective and efficient marketing strategy. A careful monitoring of Consumer Behavior in the competitive market enables the marketer to measure the success or failure of a specific marketing strategy. Marketer also uses knowledge of consumer behavior to segment their market.
Howard and Sheath (1980) have distinguished three types of buying decision behavior:
1. Routines response behavior
2 .Limited problem solving
3. Extensive problem solving
In buying a product or service, the buyer goes through a decision process consisting of problem recognition, information search and evaluation of alternatives, purchase decision and post purchase behavior. The marketer’s job is to understand the buyer’s behavior at each stage and what influences the prospects and consumers.
Limited problem solving exists when the need is known, every information on the alternative means of solving the problem is also known and the decision maker has to make his decision within the given spectrum.
MODELS OF CONSUMER BEHAVIOR
A model is a simplified representation of a real phenomenon. Model of Consumer Behavior can be expressed verbally or algebraically, but in some cases they take the form of elaborate mathematical form or flow chart. For example, consumption C is a function of income Y, or
C =F (Y)
All Marketers, in collecting, analyzing and interpreting data, use MODELS as a basis for the systematic study of Consumer Behavior. They are interested in understanding the decision processes involved and the relationship between or among the variables that affect consumer decision-making processes.
Consumer Behavior models are concerned with the relationships between inputs into the buying decision, and resultant outcome. This outcome may be positive or negative, a decision to make purchase, or decision to reject a product or service. In dealing with consumers, marketers are confronted with a variety of response possibilities and countless environmental variables.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more