Consumer behaviour need & importance

What is the need and importance of consumer Behaviour?
“Consumer behavior is of most importance to marketers in business studies as the main aim is to create and retain customers,” says Professor Theodore Levitt (Kumar, 2004).
Consumer behavior is not just important to attract new customers, but it is very important to retain existing customers as well..
Consumer Needs
Needs are what motivates the behavior of people to make a decision to find a solution, which in many cases is “consumption behavior”.
Having needs fulfilled do not come from marketers or social forces; they come from the basic biological and psychological aspects of human existence.
“Consumer behavior is of most importance to marketers in business studies as the main aim is to create and retain customers,” says Professor Theodore Levitt (Kumar, 2004).
Consumer behavior is not just important to attract new customers, but it is very important to retain existing customers as well.

Studying consumer behavior is important because it helps marketers understand what influences consumers' buying decisions. By understanding how consumers decide on a product, they can fill in the gap in the market and identify the products that are needed and the products that are obsolete.

What is consumer behavior & why is it important?

It's about meeting consumers' needs, understanding what makes them tick, and speaking to them in the ways that make them want to engage

In order to do this, marketers turn to a variety of reports, surveys, and tools to understand one thing - consumer behavior

It's a marketer's gold

Why do companies need to understand the needs of consumers?

Companies that understand the needs of their consumers will be able to provide products and services that are more in line with what those consumers want

This can lead to increased sales and brand loyalty from loyal customers

×Consumer behavior is important for companies to understand because:

Consumers have different thought processes and attitudes 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.
Companies can better meet the needs and desires of their target customers by understanding consumer behavior.
By learning how and why people choose one product or service over another, marketers can identify which products or services people want and which they don’t want.
By using consumer behavior, marketers can target what consumers are searching for, what their behavior looks like, what their pain points are, and more. Doing so can help businesses prove to consumers that they understand what they want, why they want it, and why they’re the best option around.

Consumer behaviour need & importance

What is the need and importance of consumer Behaviour?

What is consumer behavior & why is it important?

Why do companies need to understand the needs of consumers?