The study of consumer behaviour enables the marketers to fully understand and be able to predict the consumer behaviours. It deals with not only with what the customer buy, but also with why, when, where, how, and how often they buy it.
Consumer Research is the Methodology that is used to study Customer and Consumer behaviour and it takes place at every stage/phase of the consumption process: before, during, and after the purchase.
The foundation fo the consumer behaviour is the Marketing Concept. Marketing Concept is the business orientation that evolved in the second half of the last century and is picking up more and more in the current environment. Marketing Concept was the evolution of the industry over the earlier concepts of production and product.
The 3 major strategies tools fo marketing are Market Segmentation, Targeting, and Positioning.
The Marketing Mix consists of a company’s products and services offering(S) to customers and the pricing, promotion and distribution methods needed to accomplish the deal.
The Professional Marketers make the customers the core of the company’s culture and ensure that all employees view any interaction with the customers as a part of a Customer Relationship and not just a Transaction. The Top 3 drivers of successful relationships between marketers and customers are customer value, high levels of customer satisfaction, and building a structure for customer retention.
Consumer behaviour is multi disciplinary, i.e it is based on various theories and concepts about people that have been developed by scientists in such diverse disciplines as economics, cultural anthropology, social psychology, sociology and psychology.
Consumer behaviour has to be an integral part of strategic market planning.
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