Importance of Understanding Buyer Behavior
Buyer Behavior | Principles of Marketing
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Management Notes
Importance of Understanding Buyer Behavior: Buyer behaviour is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.Since, the needs of Buyer go on changing with the passage of time, a marketer should analyze and understand buyer behavior carefully.
A marketer should understand buyer behaviour because in marketplace different persons, communities and organization have different needs because they exist in the different environment. When a marketer is able to understand the consumer need, especially the unfulfilled needs then he/she is said to be successful. At the same time, he must be capable of assuring the Six O’s which can be explained as follows:
1. Assess the actual need of the consumer:
The study of consumer behavior enables a marketer to asses, the nature of consumer needs and wants, and the best way of satisfying them.
2. Establish the firm’s marketing objective:
The study of consumer behavior helps the marketer to develop several marketing objectives. With the effective marketing objectives, the company will be able the way it wants consumers to view its products.
3. Define, analyze and understand marketing requirements:
The study of consumer behavior makes the marketer capable of identifying, analysing and understanding consumers’ needs which help them segment rightly the market and seek the advantage of market segmentation.
4. Reduce the uncertainty in the market:
The study of consumer behavior helps the marketer to reduce the uncertainty that may affect marketing program, and hence enables a firm to anticipate the effects of its marketing decision variables on consumers.
5. Dynamic Nature of Market:
The study of buyer behaviour focuses on dynamic nature of the market. It helps the manager to be dynamic, alert, and active in satisfying consumers better and sooner than competitors. Consumer behaviour is indispensable to watch movements of the markets.
6. Measure the impact of its strategy:
The study consumer behavior allows a firm of measure the impacts of a strategy. Thus, understanding consumer behavior is a basis for performance evaluation of the firm.
7. Know about the use of product information by the consumers:
A study of buyer behavior enables the marketer to understand how a consumer uses information about the product and company. This understanding of information use facilitates the development of marketing policy.
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