Emerging Issues in Consumer Behavior
ASSIGNMENT
ON
CONSUMER BEHAVIOUR
TOPIC: Emerging Issues In Consumer Behavior
Submitted by
ASHWIN.S
PRANAV M.V
INTRODUCTION
Tracking consumer behavior is critical for a marketing department of any company that creates products for the public. Depending on the type of item being sold, different behaviors will be exhibited by most consumers. A more expensive item that has many differences between the brands will cause a different behavior than an inexpensive item that is purchased all the time. Understanding these differences can spell the difference between a successful product campaign and an unsuccessful one. if the company fails to track their customers successfully then there arises some issues on the behavior of the consumer
Characteristics of Consumer Behavior
1. Information Search
The search for information is a common characteristic of consumer behaviour. Consumers cannot purchase goods and services if they are unaware that a good or service exists. When a consumer decides to buy a certain item, his decision must be based on the information he has gathered about what products or services are available to fulfill his needs. There might be a product available that would be better suited to the consumer 's needs, but if he is unaware of the product, he will not buy it. Consumers gather information in many ways. Advertisements and word-of-mouth are common ways consumers find information. A consumer with Internet access can search for reviews of products and product alternatives, which may make him more informed and better able to make decisions 2. Brand Loyalty:
Brand loyalty is another characteristic of consumer behavior. Brand loyalty is the tendency of a consumer to buy products or services from a certain company that she likes or equates with having high quality goods and services. For instance, if her first car was a Honda as a teenager and the car lasted 200,000 miles, she might have a tendency to buy Hondas in the future due
ON
CONSUMER BEHAVIOUR
TOPIC: Emerging Issues In Consumer Behavior
Submitted by
ASHWIN.S
PRANAV M.V
INTRODUCTION
Tracking consumer behavior is critical for a marketing department of any company that creates products for the public. Depending on the type of item being sold, different behaviors will be exhibited by most consumers. A more expensive item that has many differences between the brands will cause a different behavior than an inexpensive item that is purchased all the time. Understanding these differences can spell the difference between a successful product campaign and an unsuccessful one. if the company fails to track their customers successfully then there arises some issues on the behavior of the consumer
Characteristics of Consumer Behavior
1. Information Search
The search for information is a common characteristic of consumer behaviour. Consumers cannot purchase goods and services if they are unaware that a good or service exists. When a consumer decides to buy a certain item, his decision must be based on the information he has gathered about what products or services are available to fulfill his needs. There might be a product available that would be better suited to the consumer 's needs, but if he is unaware of the product, he will not buy it. Consumers gather information in many ways. Advertisements and word-of-mouth are common ways consumers find information. A consumer with Internet access can search for reviews of products and product alternatives, which may make him more informed and better able to make decisions 2. Brand Loyalty:
Brand loyalty is another characteristic of consumer behavior. Brand loyalty is the tendency of a consumer to buy products or services from a certain company that she likes or equates with having high quality goods and services. For instance, if her first car was a Honda as a teenager and the car lasted 200,000 miles, she might have a tendency to buy Hondas in the future due