Consumer Buying Behavior
Consumer behavior is the study of how individuals and organizations select, buy and use products and services. This process may include consulting search engines, engaging with social media posts, or a variety of other actions. It is valuable for businesses to understand this process because it helps businesses to compare and improve their marketing initiatives to the marketing efforts that have successfully influenced consumers to buy in the past.
Importance of Consumer Behavior?
Understanding consumer behavior is essential for a company to strategize marketing and sales campaigns for its current products as well as new product launches. Every consumer has a different thought process and attitude towards buying a particular product. If a company fails to understand the reaction of a consumer towards a product, there are high chances of product failure.
Major factors that influence Consumer Buying Behavior:
Cultural Factors, Personal Factors, Social Factors, Psychological Factors.