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Report on Role of Consumer Behavior in Marketing

   

Added on  2020-04-13

10 Pages2194 Words164 Views
Running head: CONSUMER BEHAVIOUR

CONSUMER BEHAVIOR2Table of ContentsIntroduction......................................................................................................................................3Meaning and concept of consumer behavior...................................................................................3Role of consumer behavior in marketing and business strategy......................................................4Theoretical concept underlying consumer behavior........................................................................6Generic Theory of Buying Behavior............................................................................................6Cultural Theory of Buying Behavior...........................................................................................7Internal Theory of Buying Behavior............................................................................................7Conclusion.......................................................................................................................................7

CONSUMER BEHAVIOR3Introduction Consumer behavior is significant for any company before introducing the products and services. When an organization fails to assess how a customer will react towards specific products and services then the company could face losses. Consumer behavior is very complex as each customer has different attitude and mind with respect to consumption, purchase, and disposal of products. Along with this, understanding about theories and concept of consumer behavior aids to the marketing of product and services. In addition to this, studying consumer behavior could be effective in terms of different aspects. There are constant changes in the fashion, technology, living standard, attitude of consumers and trends with respect to purchasing of products and services. Understanding about these factors is significant because the marketing of products is highly depending on these factors (Armstrong, Kotler, Harker, and Brennan, 2015). Therefore, consumer behavior is an efficient technique which enables the marketers to meet the sales objectives. This report describes the role of consumer behavior in marketing and business strategies. It also applies different concept and theories to understand the consumer behavior. Meaning and concept of consumer behavior Consumer behavior is defined as the buying tendency of consumers. An individual who goes for purchasing the products and services does not require that they will purchase it. There are different phases of consumer purchasing decision that he follows before finally purchasing the products and services in the market. At the same time, there are different factors which may affect the purchasing decision of consumers such as personal, cultural, social and psychological factors. Marketers should understand the consumer buying behavior with respect to particular products and services (Solomon, 2014). Hence, there is a need for marketers to comprehend how a consumer buys particular products and services and what stops him from purchasing. It is

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