APPLICATION
OF CONSUMER BEHAVIOR
1. To
Analyze Market Opportunity :
The study
on consumer behavior helps to understand market opportunity, so we can enter to
new market opportunities. Customer is the king in the market, so analysis of
consumer's needs is essential for understand nature of market.
2.
Selecting the Target Market:
The study
of consumer behavior help to understand market, it help to understand customer
needs, and we can concentrate to particular needs of customer. By the analysis
of market if we find out one particular segment needs a special care, then we
can concentrate in to that area.
3 . Determining
the Product Mix:
Having
identified the unfulfilled need slot and having modified the product to suit
differing consumer tastes, the marketer now has to get down to the brass tacks
of marketing. He has to determine the right mix of product, price promotion and
advertising understand his behavior.
4. Use in
Non-profit and Social Marketing:
The
knowledge of consumer behavior is also useful in the marketing of non-profit or
social or governmental services of institution such as hospitals, voluntary
agencies, law enforcement and tax collection agencies.
APPROACHES
TO CONSUMER BEHAVIOR
There are
two broad approaches to study of consumer behavior a managerial approach views
consumer behavior as an applied social science. And other one holistic approach
views consumer behavior as a pure rather than applied social science.
1.
Managerial approach: a managerial approach to consumer
behavior tends to be more micro and cognitive in nature. It is micro in
emphasizing the individual consumer. His or her attitude, perception,
lifestyles, and demographic characteristics. Environmental affects, reference
group, the family, culture are studied in the context of how they influence the
individual consumer behavior.
2. Holistic approach: a holistic approach is more macro in its orientation, it
tends to focus, more on the nature of consumption experience than on the
purchasing process because it stress the broader, culturally derived context of
consumption. Consumption is seen as being symbolic as well as normative.
2 Comments
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