In this post I am going to share my study of consumers behavior. This is a part of management which deals with psychology of the consumers. The main reason to undergo this study are the psychology of how consumers think, feel,reason and select between different alternatives. In the dictionary of management consumer behavior is "The study of individual, groups or organizations and the process they use to select, secure, use and dispose of products, services, experiences or ideas to satisfy needs and the impacts that these processes have on the consumer and society".
The study of this behavior is important in the context of marketing a product. This helps in a better marketing campaigns according the behavior of the consumer and reach the people. This also helps in building marketing strategy for introducing new products. Consider the example a high cost sedan should not be either launched during recession. During the number of people who are ready to buy a luxurious sedan are minimum. Spending a huge amount in marketing about a sedan during this time is absolute waste. This marketing would never have an impact in the mind of the people even during the later stage when there is boom in the market.
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