Mr.

Yogesh Gurav

CONSUMER BEHAVIOUR & MARKET RESEARCH Introduction: Objective of any commercial organization is to achieve economic performance by giving the customer what he wants at a price he is willing to pay. Peter Drucker Who is a customer? A customer is the one, who actually purchases the product or avail the service from a particular shop or service provider. A customer not necessarily is a consumer of the product purchased or the service availed. Who is a consumer? A consumer is the actual user of the product or service.
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CONSUMER BEHAVIOUR & MARKET RESEARCH

What is consumer behaviour? The study of individuals, groups/organizations and the processes they use to select , secure , use and dispose of products to satisfy the needs and the impact of these processes have on consumer and the society.
It is a decision process and physical activity engaged in evaluating, acquiring, using and disposing of goods.

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CONSUMER BEHAVIOUR & MARKET RESEARCH

Why to study consumer behaviour?

With every new satisfaction given, customer becomes aware of the further satisfactions that can be obtained from a product / service and it is prudent that as an organization you realize it before the competitor / customer . Theodor Levitt Consumer behaviour and marketing go hand in hand. In other words, doing Marketing without understanding the Consumer behaviour is just like hitting the bulls eye in the dark.

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CONSUMER BEHAVIOUR & MARKET RESEARCH

Why to study consumer behaviour?

The value concept : Value = Total benefits / Total cost to customer

Benefits include functional and emotional benefits. Costs include cost of money, time and mental and physical energy.

The marketers must offer better value to customers for continued,

increased profits. What, Where, When & How Marketing Mix. Helps predict how consumers will respond to marketing strategies. Great impact on the success of firms marketing strategy.
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CONSUMER BEHAVIOUR & MARKET RESEARCH Why to study consumer behavior? Nature of Business Environment The business environment which includes variables such as Political, Economic, Socio-cultural, Technological etc. are dynamic in nature. As a result of this the consumer behavior also changes accordingly. e.g. bullion market , economic policy, Mobile Number Portability etc.
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CONSUMER BEHAVIOUR & MARKET RESEARCH Why to study consumer behaviour? * Diversity of consumer Behaviour In addition to this, the study of consumer behaviour also helps the marketer in understanding the consumers need precisely in terms of functional , psychological & emotional benefits and then come up with a suitable product or service. working out new market segments determining marketing mix understanding issues such as how marketers can adapt and improve their marketing campaigns and strategies to more effectively reach the consumer.
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