Consumer Behaviour- Meaning, Importance, Scope

Consumer Behavior Meaning:

    Definition by Philip Kotler: Consumer behavior refers to the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires.

    Importance: Understanding consumer behavior is crucial for marketers to design effective marketing strategies, create products that meet consumer needs, and build strong brand relationships.

2. Importance of Consumer Behavior

1. Market Understanding: It helps in comprehending market trends, identifying opportunities, and predicting future demand.
2. Product Design: Understanding consumer preferences guides product development, ensuring it aligns with customer expectations.
3. Effective Communication: Knowledge of consumer behavior aids in creating impactful marketing messages that resonate with the target audience.
4. Brand Loyalty: Building strong connections with consumers leads to brand loyalty, repeat purchases, and positive word of mouth.
5. Market Segmentation: Consumer behavior insights assist in segmenting markets based on behavior patterns, tailoring marketing strategies accordingly.