ONE
It is essential for the marketer to study the behavior of the consumers in order to make better strategic marketing decisions. If the marketer has complete knowledge about the consumer’s likings or disliking, then he can predict the response of the potential customers towards his offerings. Studying consumer behavior before and during purchase helps in production scheduling, designing, pricing, positioning, segmentation, advertising, and other promotional activities.
TWO
The study of consumer behavior is equally important for non-profit organizations such as governmental agencies, hospitals, NGOs, charitable organizations.
For example- Polio campaigns can be designed maybe for the vulnerable sections of the society who cannot afford the basic livelihood.
THREE
The Government also studies consumer behavior to provide them with the necessary goods and services, understanding the potential future problems, such as pollution, anti-plastic drive, Swacch Bharat Abhiyan, traffic, etc.
FOUR
It is also important for legislations, which will help them to understand consumer behavior, then only the protective measures against consumer exploitation can be taken. Such as mandatory information on the packaging related to manufacturing date, expiry date, terms of use, etc.
FIVE
The understanding of the behavior of a consumer is necessary before the launch of the demarketing programs.
For example, motives, attitude, the behavior of the customers behind the purchase of injurious products Viz. Cigarettes, Tobacco, etc. should be properly understood.
Therefore, marketers tries to understand consumer psychology with respect to their purchase decisions and identify the factors influencing consumer behavior.
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