For successful functioning of business it is very important nowadays for an entrepreneur to know who your customers are, their demand for the product, and reason behind their purchase. If you don’t analyse these points of your customer you are just wasting your time & money in sourcing or producing the valuable product or service. In order to make your product more demanding in the market it is necessary to understand your customer by the behavioural aspects.
Customer behaviour depends on the various factors like decisions taken during purchasing & the way consumer gathers information about the product, point of satisfaction & consumption of the product. Consumer behaviour depends on various factors & situations like personal beliefs, cultural values, product knowledge, user friendly, personality, reference, etc.
Research on Consumers Behaviour is a part of Marketing which includes observations, analyses on consumer purchasing power, surveys in different locations, updated knowledge about the product etc. Consumer behaviour varies with different situations & it is necessary to perform this activity on a regular basis in order to ensure the connectivity with the ever changing needs of the consumer & also to be updated with the change of situations affecting consumer behaviours.
This research includes a brief study of what is in demand by consumers, timing of the demand, quantity & reason behind their demand. Studying consumer behaviour is about understanding psychology of consumer but it is difficult to understand the main factor related with consumer behaviour.
It is also important to have knowledge about consumer preference as it is a key to success of a business. Consumer preference also helps in product positioning depending on some important factors like what customer is demanding, where they are finding for the product, their purchase timing & their purchasing power.
In marketing it is very much vital to understand what customer is demanding & this process concludes to consumer behaviour research. In today’s competitive world every marketer is fighting to earn more profits & reach more customers. This has resulted in change of the 4P’s Concept to 4C’s like selling product has changed to providing solution to customers, Price of the product has changed to the overall cost of buying & consumption, Place of availability has changed to convenience of purchasing & finally promotion of business has changed to communicating message to the customers.
Therefore this concludes that, in today’s market those who are updated with the changing trends of customer & have altered their way of doing businesses are successfully standing in the market, earning a good share of profits & have also come-up with good expansion plans.