What is need in consumer Behaviour?
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Hereof, what is the need to study consumer buying behavior?
Study of consumer buying behavior is most important for marketers as they can understand the expectation of the consumers. It helps to understand what makes a consumer to buy a product. It is important to assess the kind of products liked by consumers so that they can release it to the market.
Likewise, what are the models of consumer Behaviour? The ten Consumer Behaviour models explained below are:
- Pavlovian Model.
- Economic Model.
- Input, Process, Output Model.
- Psychological Model.
- Howarth Sheth Model.
- Sociological Model.
- Family Decision making model.
- Engel-Blackwell-Kollat Model.
Beside this, what is meant by consumer behavior?
Meaning and Definition: Consumer behaviour is the study of how individual customers, groups or organizations select, buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. It refers to the actions of the consumers in the marketplace and the underlying motives for those actions.
Why is consumer Behaviour important?
Studying consumer behavior helps companies to understand how the decision to buy was made and how they hunted for the product. These information help companies and business managers to know the reasons behind the purchase or rejection of a product or service by the customer.