Consumer Behavior

Consumer Behavior is the main factor which influences the product of an organization in terms of measuring the sales volume. Consumer behavior involves both individual processes and group processes that is psychological and social processes. It is reflected from awareness right through post-purchase evaluation indicating satisfaction or non-satisfaction, from purchases. Consumer behavior is basically social in nature. Hence, social environment plays an important role in shaping consumer behavior. It also includes communication, purchasing and consumption behavior.

Consumer behavior includes the acts of individuals directly involved in obtaining and using economic goods and services including sequence of decision processes that precede and determine these acts. Understanding of consumer behavior is essential in marketing planning and programmes.

Consumer behavior analysis is useful in estimating the potential size of a market, in market segmentation, in locating preferred trends in product development, in finding out attributes of alternative communication methods and in formulating the most favored marketing mix to secure favorable consumers response in purchase and repurchase of products. The final analysis consumer behavior is one of the most important keys to successful marketing of a product.