Introduction
In this essay, the studying consumer behaviour important for a marketer has been thoroughly discussed. As there is an intrinsic link between a marketer and consumer behaviour, it is an imperative for marketers to grasp this key concept. Marketers need to study consumer behaviour to understand how individuals or organizations the make decision to select, consume and dispose of products and services which satisfy their needs. Consumer behaviour has an immense impact on the business organization selling products or services (Neal et.al, 2004, p.7).
Discussion
Studying consumer behaviour is important for a marketer as each consumer is unique and posses a unique process to select products or services. By understanding the demand of consumers, marketers can better serve them by developing products according to their choice and requirements (Dmitrovic & Vida, 2010, p.145). If the products are developed in compliance with the demand of consumers, they result in more sales and profits. Studying and understanding consumer behaviour allows marketers to appropriately identify and develop consumer segments to target them with the right marketing campaigns.
Marketer needs to study how a consumer thinks, feel and desires for a product or service, to better design their offering. Consumer behaviour study allows marketers to further exploit the business market, maintain economic sustainability, gather essential insights and effectively target the consumers. Marketers need to unveil what drives and attracts consumers today, to signify the potential for a product or service (Neal et.al, 2004, p.7). Today consumers are more aware and informed; thus marketers need to understand and predict their behaviour. Following are some of the most valuable factors which necessitate marketers to study consumer behaviour.
Marketers need to develop marketing strategy for which they need to identify potential customers, their needs and tap them with the right product offering. To develop an effective marketing strategy, marketers need to study how consumers will react to the product, price, promotion campaigns and other marketing communications which directly impact the business profitability (Loudon, 2001, p.9).
Marketers need to know consumer experience to better design the company’s offering. The experience of consumer with a product alters their attitude towards. Consumer experience can be attributed to the elements such as the colour, size, function, packaging, features, accessibility and reliability (Loudon, 2001, p.9). Identifying the consumer experience and attitudes, marketers can better fine tune their marketing strategy.
Both of these facts play a critical role in developing products. Marketers need to identify the lifestyle of the target segment and the life cycle stage, as the consumer behaviour varies across the different life stages. For example, the need and choice of a single consumer living alone will be different from a consumer with a family of four members. Study of consumer behaviour allows marketers to predict the future needs, thus allowing them in creating new offerings with time.
Conclusion
Understanding the consumer behaviour at local, and international business market level is essential for their survival of the business. Rapid and radical changes across the world have made the study of consumer behaviour an imperative for marketers, as it influences the growth of business. An in depth study of consumer behaviour will enable marketers to better design their marketing strategy and direct their efforts in the right direction to churn out maximum profit (Dennis et.al, 2009, p.1121).
References
Dennis, C., Merriles, B., Jayawardan, C. and Wright, L. T. (2009) E-consumer behavior, European Journal of Marketing, Vol. 43, Issue: 9/10, pp.1121-1139, Data retrieved from http://www.emeraldinsight.com/journals.htm?articleid=1811658 on 12th March, 2014
Dmitrovic, T. and Vida, I (2010) “Consumer Behaviour induced by product nationality: The evolution of the field and its theoretical antecedents”, Transformations in Business and Economics, Vol 9, No. 1, pp.145-165, Data retrieved from http://www.transformations.khf.vu.lt/19/cons.pdf on 12th March, 2014
Loudon, (2001) “Consumer Behaviour: Concepts and Applications”, Tata McGraw-Hill Education, pp. 9-77, Data retrieved on http://books.google.co.uk/books?id=XW5LE0gdOo8C&pg=PA70&dq=benefits+of+studying+consumer+behaviour&hl=en&sa=X&ei=sMcfU-SzMaLF0QHxvIDoDw&ved=0CF0Q6AEwCTgK#v=onepage&q&f=false on 12th March, 2014
Neal C. M., Quester, P. G. and Hawkis, D. I. (2004) “Consumer Behaviour: Implications for Marketing Strategy”, McGraw Hill Australia, pp.7-65, Data retrieved from http://books.google.co.uk/books?id=oTjDAAAACAAJ&dq=Consumer+behaviour+implications+for+marketing+strategy+7+edition&hl=en&sa=X&ei=tVYfU-585t3TAarjgZgG&ved=0CDcQ6AEwAA on 12th March, 2014
