consumer-behaviour: meaning, impotance, and pattern.pptx

consumer behaviour and its importance

1. Table Contents Introduction Definition Influence On and Off Consumer Behaviour Types Importance of Consumer Behaviour Consumer Behaviour Patterns Conclusion 1

2. Introduction Understanding consumer buying behavior is most important for marketers as it helps them to relate better to the expectation of the consumers. Consumer buying behavior studies various situations such as what do consumers buy, why do they buy, when do they buy, how often do consumers buy, for what reason do they buy, and much more. 2

3. Definition Consumer buying behavior refers to the study of customers and how they behave while deciding to buy a product that satisfies their needs. 3

4. Consumer behavior refers to the study of how customers (individuals and organizations) satisfy their needs and wants by choosing, purchasing, using, and disposing of goods, ideas, and services . 4

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7. Types of Consumer Behavior ●●● 7 Complex Purchasing Behavior This type of behavior occurs when consumers are buying expensive, rarely-purchased items. In this case, people are deeply involved in the purchase process, conducting extensive research before making a significant investment. Think about purchasing a house or a car; these are consumer behavior examples of complex buying behavior.

8. Types of Consumer Behavior …. ●●● 8 Dissonance-Reducing Purchasing Behavior Dissonance is defined as a lack of harmony. In the shopping process, this behavior is visible when consumers struggle to differentiate between brands. There’s no favorite brand and none of the options is particularly attractive, so ‘dissonance’ appears as consumers fear they will regret their decision .

9. Types of Consumer Behavior …. ●●● 9 Habitual Purchasing Behavior As opposed to the first two behaviors, this one appears when consumers mindlessly buy something, with little to no involvement in the product or brand category. To illustrate, let’s think of grocery shopping: you visit the store and buy your preferred type of bread.

10. Types of Consumer Behavior …. ●●● 10 Variety-Seeking Behavior Finally, we have this scenario, where consumers purchase a different product not because they were dissatisfied with the previous one, but because they seek variety. For example, think of people who order protein or other supplements. It’s not that they’re not satisfied with the product in itself; they just got bored of the same taste and looked for some chocolaty feelings in their protein shakes.

11. Importance of Consumer Behavior Consumer Differentiation: In marketing, consumer differentiation is a way to distinguish a consumer from several other consumers. This helps to make a target group of consumers with the same or similar behavior. ●●● 11

12. Importance of Consumer Behavior Retention of Consumers: Consumer behavior is not just important to attract new customers, but it is very important to retain existing customers as well. When a customer is happy about a particular product, he/she will repeat the purchase. ●●● 12

13. Importance of Consumer Behavior Design Relevant Marketing Program: Understanding consumer behavior allows you to create effective marketing strategies. Each campaign can speak specifically to a separate group of consumers based on their behavior. ●●● 13

14. Importance of Consumer Behavior Predicting Market Trend: By conducting a consumer behavior study, a company saves a lot of resources that might otherwise be allocated to produce a product that will not be sold in the market. For example, in summer, a brand will not waste its resources producing a product that will not sell in summer. ●●● 14

15. Importance of Consumer Behavior Competition: One of the most important reasons to study consumer behavior is to find out answers to some of the questions: Is the customer buying from your competitor? Why is a consumer buying from your competitor ? What features attract a consumer to your competitor's products? ●●● 15

16. Importance of Consumer Behavior Innovate New Products: We all know some of the big names, such as New Coke, Crystal Pepsi, Colgate Kitchen Entrées, Earring Magic Ken Doll, and Wheaties Dunk-a-Balls Cereal. Can you see the similarities between these products? Yes, they all failed!! ●●● 16

17. Importance of Consumer Behavior Stay Relevant in the Market When the world is changing as rapidly as it is happening today, the biggest challenge we all face is staying relevant to our target market. And do you know what the main reason behind the rapid changes is? It is the ever-changing behavior of our customers. ●●● 17

18. Importance of Consumer Behavior Improve Customer Service Consumers require different levels of customer service, and understanding the differences within your customer base will help you provide the most appropriate service for individual needs. 18

19. Conclusion Leading companies, such as The Coca-Cola Company and Barclays, have constantly improved their existing products and focused on developing new products. The Coca-Cola Company aligns its corporate strategy of ‘refreshing everyone who is touched by our business, by conducting market research to identify consumer behavior. 19

20. References Wikipedia.org Google.com Seminarppt.com Studymafia.org