What is Consumer Behavior?
Consumer behavior describes the behaviors and choices that people and organisations make while they are deciding whether to buy, use, or discard goods and services. The psychological, social, and physical elements that shape these choices and acts are included. Personal traits (such as age, gender, income, and education), social influences (such as family, friends, and culture), and psychological aspects are some examples of elements that might affect consumer behavior (such as motivation, perception, learning, and attitudes). External factors that affect consumer behavior include the availability of goods and services, their costs, and the marketing and advertising campaigns used by enterprises. Data about customers’ behaviors and decisions, as well as the variables that affect those actions and decisions, are gathered and analysed in order to study consumer behavior.
Consumer Behavior in Marketing
The practice of conceptualizing, pricing, promoting, and disseminating ideas, products, and services to generate exchanges that meet both individual and organisational objectives is known as marketing. The value of a company’s products or services is effectively communicated through marketing, which is a critical component of economic success. The activity of managing relationships with present and potential consumers is known as customer relationship management (CRM). It involves coordinating sales, marketing, customer service, and technical support through the use of technology. By offering tailored, timely, and relevant contacts with customers, CRM aims to strengthen customer connections and loyalty. Since both entail identifying and meeting client demands, marketing and customer relationship management are closely intertwined.
Table of Content
- What is a Customer?
- What is Consumer Behavior?
- What is Customer Behavior in Marketing?
- Why is Customer Behavior Important?
- Types of Customer Behavior
- What Affects Customer Behavior?
- Customer Behavior Segmentation
- Does the Internet Affect Consumer Behavior?
- Wrapping Up
- FAQ’s
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