Consumer behaviour is such a thing which depicts consumer's attitude towards a product. It shows consumer's likeness or this likeness towards the product.
Consumer behaviour plays a very important role in the success or failure of a product. If a consumer is satisfied from the product then his behaviour would be positive towards the product and if he is not satisfied from the product then his behaviour would be negative towards the product. A company's success largely depends upon the consumer's positive behaviour. Today's consumer is very well aware about the products available in the market. He knows what is a good product and what is a bad product. He is well educated and decides to purchase goods on merit. He will never go for such products which do not meet the quality standards. He will buy only those things which will truly satisfy his needs and expectations.
Today's global companies truly believe on this idea that a consumer must be fully satisfied. For this purpose they have the special departments like Research and Development. These global companies keep on doing research on the products and their customers. From research and surveys companies get the true picture of its standing in the market. According to the consumers' feed back they further develop and improve their products. For consumer it is an advantage that the company gives respect to his views and attitude and bring changes in the products accordingly.
Consumer is the most important person to the marketer because the marketer takes in to consideration on the liking and disliking of the consumer and he produces the goods and services accordingly.
Consumer behaviour is important for the three persons.
1: For consumer:
As a consumer most of the time we spend time in the market and a lot on decision making that what to buy and how to buy and meeting and conferencing with different types of peoples and friends with different types of good and services. After all these things we come to the conclusion and then take some steps for the purchasing of different goods and services. If we don't have know how of the market we can suffer huge losses.
A consumer buys a set of mobile company without consulting with his friends or other people. It may be of no use for him or may be no availability of mobile services.
2: For producer:
Consumer behaviour is also important for producer because he design and manufacture different types of product and services keeping in view the wants and needs of consumer.
3: For scientists:
The knowledge of consumer behaviour is also important for scientists, whether he is working for profitable organization or non profitable organization.
Consumer is a person who has a vital role in a market. He is supposed to run the market by buying the products present in the market. He is supposed to give value to the products existing in the market. He can behave in his own way. It is up to him that how he is treating things with in a market. He knows better that which thing is good for him and which one is not. His behavior decides that which product is in and which one is out.
He also decided the curve of supply and demand. His demand increases which tells that a product is to be filled more and more and its supply must be raised at a fast pace. This supply will make that product valuable. Supply of things varies from time to time but supply and demand are totally dependent factors. They both need proper elucidation and inter dependence. Consumer also have a negative impact if he is behaving in a silly manner and if he is going to bother people but his positive behavior is always appreciable in a market.
Consumer behavior is defined as the mental and emotional process along with the physical activities of the people who purchase/ consume goods and services to satisfy their particular needs and wants. One of the advantages of consumer behavior can be seen when looking at advertisers and how they advertise by keeping the consumers in mind. Advertisers spend a lot of money to keep individuals and groups of individuals (markets) interested in their products. To succeed, they need to understand what makes potential customers behave the way they do. The advertiser's goal is to get enough relevant market data to develop accurate profiles of buyers that is basically to find the common ground and symbols for communication. This involves the study of consumer behavior: The mental and emotional process and the physical activities of the people who purchase and use goods and services to satisfy particular needs and wants. Along side the behavior of organizational buyers (the people who purchase the products and services for use in business and government). The primary mission of advertising is to reach prospective customers and influence their awareness, attitudes and buying behavior. This can be done successfully only through knowing the consumer preferences, behavior towards various stimuli i.e. Consumer behavior.
The importance of consumer behavior is that with out consumer behavior any organise can't do their jobs effective and efficient Manners
so managers must know about the behavior of employees behavior me be positive and negative. Positive behavior is beneficial for organizations and negative behavior is harm full for organizations
Consumer behaviour in simple is nothing but the behaviour of the consumer while purchasing a particular product. The behaviour may be before purchase or after purchase. The marketer has to analyse both the behaviours. Now before marketing a product the marketer has to understand the behaviour of the people towards the product line in the market. Then he has to market. After purchase also some people my find some uncomfortness or confusion in their mind i.e.
The importance of consumer behavior is that it tells business's how to market their product best. How to get customers to purchase, and what purchasers do while they are shopping, so that business's know more about what customers want.