Consumer Behavior
Nature scope and importance of consumer behavior Consumer Behavior Meaning :Consumer behavior is defined as “The dynamic interaction of affect and cognition behavior by which human beings conduct the exchange aspects of their lives .This means that the buying actions of consumers are greatly affected by their thought process and their feelings experienced . Importance of consumer behavior : • Ever increasing intensity of competition • More aggressive competitors emerging with greater frequency • Changing bases of competition • Geographic sources of competition are becoming wider • Niche attacks are becoming frequent • Pace of innovation is rapid • Price competition becoming more aggressive • Product differentiation is declining
Characteristics of consumer behavior : 1. Consumer behavior is dynamic: 2. Consumer behavior involves interactions 3. Consumer behavior involves exchange
Consumer Research Definition & meaning : consumer research is the systematic collection and analysis of consumer information for the purpose of important decision making in marketing Consumer research plays an important role in marketing process helops in ▪ Consumer measurement ▪ Market potential ▪ Sales forecast ▪ Each slement like product mix distribution mix price effectieness of an advetisenmentcampaign consumer acceptance of a product in the fiercely competitive situation ▪ It is extremely critical for an organization ot monitor the customer satisfaction on a regular basis
Why consumer research is needed
Consumer research is primarily used for two applications ▪ Routine problem analysis ie product potential sales forecasting etc ▪ Non routine problem analysis ie new product launch analysis new product launch success of promotional schemes
Relevance of consumer research ▪ Today’s business decisions are extremely
Characteristics of consumer behavior : 1. Consumer behavior is dynamic: 2. Consumer behavior involves interactions 3. Consumer behavior involves exchange
Consumer Research Definition & meaning : consumer research is the systematic collection and analysis of consumer information for the purpose of important decision making in marketing Consumer research plays an important role in marketing process helops in ▪ Consumer measurement ▪ Market potential ▪ Sales forecast ▪ Each slement like product mix distribution mix price effectieness of an advetisenmentcampaign consumer acceptance of a product in the fiercely competitive situation ▪ It is extremely critical for an organization ot monitor the customer satisfaction on a regular basis
Why consumer research is needed
Consumer research is primarily used for two applications ▪ Routine problem analysis ie product potential sales forecasting etc ▪ Non routine problem analysis ie new product launch analysis new product launch success of promotional schemes
Relevance of consumer research ▪ Today’s business decisions are extremely