Buyers today are a fickle group. Who's to blame them? Bombarded with an endless selection of products and services, making a good purchase decision isn't easy. What can your small business do when your potential buyers won't buy? Tackling the buying resistance problem begins with understanding how consumers or companies make buying decisions. Buyers will typically go through various stages to make the decision to purchase. Marketing and consumer behavior are intrinsically connected. Without grasping a level of understanding of what drives consumers, marketers would have a pretty difficult time identifying the right market segments and putting together a marketing campaign that will attract attention. Studying consumers helps marketers improve their strategies because it gives them insight into understanding buyer behavior. By obtaining a view into how consumers think, feel, reason and choose, marketers can use this information to not only design products and services that will be in demand, but also how to present these options to the consumer base in an attractive fashion.
Consumer behavior is an important consideration when constructing a marketing plan. While profits, sales numbers and all profit generating departments are important, when it comes down to it consumer behavior is a big part of the marketing puzzle. Businesses that cannot understanding how a consumer's mind operates will have a more challenging time figuring out how to target a campaign that will attract or catch attention.Understanding how to utilize the information gleaned from consumer behavior is the key. Armed with this information marketers can focus on producing products and/or services targeted markets are actually interested in, and they can also figure out how to develop effective campaigns. Thus we see that in today’s world, consumer is the king and therefore, this topic is of special interest to each and every marketer.
PURPOSE, SCOPE AND LIMITATIONS
PURPOSE & SCOPE: Why do we study consumer behavior?
Most products eventually end up in private households even though they will pass through a number of steps on their way from producer to end user. Producers and traders form vertical chains or networks, called value chains, at the end of which is the consumer. Understanding consumer behaviour is not only important for the producer but for all the other actors in the chain. The value that the consumer puts on the goods or services limits what everyone else can get from the value chain. In today’s world, the consumer is the king, and therefore as a student of marketing it is taken for known that knowledge of the target audience is a must. This project will help in understanding various dimensions of the consumer buying behaviour, which is important as we are attempting to understand a very complex phenomenon and its learnings will help us in making better future decision. LIMITATION:
Although a lot of effort is being put into understanding the consumer behaviour, the project suffers from some limitations: -The data collected is not complete representative of the population. -Each and every person is different, therefore generalizations become difficult. -Consumer buying behaviour is a multi dimensional concept and our project focuses on only a single concept, which is the outlet size and no. of products.
Thus, the result of the project should be taken in consideration with these limitations to get a more clearer picture.
SOURCES AND METHODOLOGY
A project methodology tells what has to be done, to manage projects from start to finish. It describes every step in the project cycle in depth. No single method for conducting research data can be termed as perfect, because each one has some limitations. It depends on the type of research plus the circumstances surrounding the research, primarily the prevailing culture and the willingness of the employees as well as the company to reveal the information which may be...