Importance of understanding buyer behaviors.pptx

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1. Importance of understanding buyer behaviors

2. Production Policies Defining product type, volume, and timing for sale. Analyzing, planning, implementing, and controlling product-related activities. Deciding on production program, quality, design, brand, packaging, and services. Ensuring product packaging protects, informs, and is easy to use and store. Establishes general rules for product decisions by management.

3. Price Policies Price policy involves determining pricing strategy and competitive pricing Includes price segmentation for different customer segments . Decisions on discounts, promotions, and pricing flexibility . Considers price elasticity of demand and psychological pricing . Accounts for perceived value and brand image.

4. Decision regarding sales promotion Sales promotion is a short-term marketing strategy. Objectives : Increase sales, attract new customers, clear inventory, promote new products, etc. Promotional methods: Discounts, coupons, rebates, free samples, contests , loyalty programs, etc . Duration: Time-bound campaigns to create urgency . Communication channels: Advertising, social media, email marketing, in-store displays, online platforms . Evaluation and feedback: Continuously improve future campaigns.

5. Consumer’s satisfaction Business success relies on consumer satisfaction . Understanding consumer behavior is crucial for satisfying them effectively . Knowing what goods consumers buy, why, when, where, and how is essential . Proper goods can be provided at the right place and time based on this information . Study of consumer behavior provides valuable insights for businesses. Obtaining knowledge about consumer behavior is necessary for business organizations.

6. Locate market opportunities Studying consumer behavior reveals their wants and needs . Identifying consumer wants and needs creates opportunities for business organizations. Success in a competitive environment can be achieved by leveraging these opportunities. Without studying and analyzing consumer behavior, such opportunities remain unidentified. Failing to understand consumer behavior leads to missed opportunities. Knowing consumer behavior is essential for businesses to capitalize on potential success.

7. Select the target market Knowing consumer behavior helps marketing managers select the target market. Consumer behavior is a crucial element of market segmentation. Understanding consumers' behavior enables effective division of markets into segments. Analyzing consumer behavior aids in selecting the most suitable market segment. Without understanding consumer behavior, market segmentation is ineffective. Successful business outcomes are achieved through proper market segmentation based on consumer behavior.