Question

Explain the importance of consumer behavior for marketers.

Answer 1

Consumer behavior is the study of how people make decisions about what they buy, want, need or act in regards to a product, service or company. ... Companies that tailor their marketing efforts to match consumer behavior are more likely to understand their customers and provide products or services that appeal to them.

Consumer behavior is the study of how people respond to products and services, followed by their marketing and selling. ... Understanding consumer behavior is important for all companies, especially before the launch of a product or service.

Importance of Consumer Behaviour to Marketers. It is important for marketers to study consumer behaviour. It is important for them to know consumers as individual or groups opt for, purchase, consumer or dispose products and services and how they share their experience to satisfy their wants or needs (Solomon, 2009).

Marketers need to understand the buying behaviour of consumers for their products to do well. It is really important for marketers to understand what prompts a consumer to purchase a particular product and what stops him from buying.