Importance of consumer buying behaviour in marketing management
Answers
The primary importance of consumer buying behavior lies in the fact, that you can know how the consumer is going to behave. There are various reasons the consumer is buying your product.
Impulse – Chocolates, tic tacs, ice cream.
Need, Wants or Demands – Depending on the status the person is in.
Lifestyle – What kind of a lifestyle he or she is living. Also connected to needs or wants.
Necessity – A medical emergency, an insurance requirement.
Many other reasons to purchase the product.
So if you look at it, when the consumer himself is buying several products for various reasons, then you need to study his behavior so that you can fit the purchase environment with the mindset of the customer. Taking a retail example, lets break it down further
Impulse – If it is an impulsive purchase, you need to be as close to the entry or exit counter as possible. You need to analyse the customer’s impulsive behavior and ensure you take advantage of it. How many of you have purchased things online impulsively? Just on a whimsy?
Needs wants and demands – If it is a need, than you can be carefree, but if it is a demand, then the product needs to be marketed in such a manner that the premium crowd can purchase it.
Lifestyle – Mountaineering products are the best examples of lifestyle purchases. How many of us go hiking regularly? Not many. So these products are specifically targeted to people who are wild life lovers and hence the way they buy the product is important. Similarly, there can be other lifestyle products.
Necessity – Emergencies can come any time in life and hence the importance of consumer buying behavior lies in the fact, that how do consumers behave in such panic situations, and what can you do to make them behave the way you want them to?
The above examples are only a few in the complete canvas of consumer buying behavior. Each sector is different, and the way to find out how to consumer is going to behave is important.