The importance of studying consumer behavior

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First of all it is defined as the area of research within the field of Marketing that focuses on how consumers acquire, use and dispose of goods, services, time, and ideas. Consumers can be individuals, families or other groups, such as teams and companies.

Let’s try to understand the importance of studying consumer behavior.

Suppose you need a new phone: How would you go about satisfying this need? Where would you turn to for information? How would you set your budget? Where would you buy the phone?

These are just some decisions consumers face on a regular basis. Interestingly, each consumer will answer these questions differently based on their backgrounds and some psychological factors. How consumers make each decision has direct impact on marketing strategy. For a company that makes phones, the answers to these questions will help them know: the types of phones to design, the price consumers are willing to pay, and where they should sell their phones.

It is very important to understand how consumers make decisions because the best way to create and keep customers is to understand what motivates their consumption decisions and anticipate their consumption needs. Only this way, companies can design products, services and offers that will make their customers happy!

[emvIyxo]

me & my homies gotta watch this for school 😼

[ibrahim-erdel-keser]

hocam birde tüketim sürecini anlatır mısınız

[rinreborn]

watch this for my school, nothing similar to my textbook. Gain nothing, fuck

[juaninabillion]

This is a bunch of crap! Yes before with the older generation and up to the baby boomers, But the younger and semi younger (40 & below) mostly just stupidly spend with zero thought!