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Understanding Consumer Behavior: The Key to Successful Marketing Strategies

Consumer behavior is the study of how individuals engage with goods and services, reflecting their decision-making processes that lead to purchases. This discipline is crucial for businesses to understand consumer needs and preferences, allowing them to tailor production, pricing, distribution, and promotional strategies effectively. Key models, including economic and psychological perspectives, provide insights into motivations and influences on buying behavior. By analyzing determinants like income, culture, and social dynamics, businesses can better adapt to market demands and enhance customer satisfaction.

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Understanding Consumer Behavior: The Key to Successful Marketing Strategies

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  1. CONSUMER BEHAVIOUR

  2. INTRODUCTION Behaviour is a mirror in which everyone shows his or her image. Behaviour is the process of responding to stimuli. Consumer behaviour is to do with the activities of individuals in obtaining and using the goods and services, it encompasses the decision-making process that precedes and determines purchases. The study of consumer behaviourprovides a sound basis for identifying and understanding consumer needs.

  3. CONSUMER BUYING PROCESS Post –Purchase decision Repeat purchase

  4. BUYING BEHAVIOUR MODELS • The Economic Model • Learning Model • The Psychoanalytical Model • Sociological Model

  5. IMPORTANCE OF STUDYING OF CONSUMER BEHAVIOUR • Determining the production policies • Determining the price policies • Determining the channels of distribution • Determining the sales promotion activities • Meeting the competition • Rapid technology advancement

  6. Determinants Of Consumer Behaviour ECONOMIC SOCIOLOGICAL PSYCHOLOGICAL PERSONAL Motivation Perception Image Learning Attitude Beliefs Personality Life Style Age Education Occupation Income Roles and Status Family cycle stage Personal Income Disposable income Discretionary income Family income Income ExpectationConsumer Credit Standard of living Family Reference groups Opinion Leaders Social Class Culture

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