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Lecture # 1 Consumer Behavior

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29 views8 pages

Lecture # 1 Consumer Behavior

Uploaded by

cpie52758
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Prof. Arfan M.

Afzal
Lecture 1

By: Prof. Arfan M. Afzal Lec. 1 11/14/2024 1


What is consumer behaviour?
• Consumer behavior is the study of how people decide to buy and use
products and services, including the factors that influence their decisions.

• Consumer behaviour in marketing refers to the actions and decisions that


people make when they are purchasing or using products. Consumer
behaviour towards a product includes everything from the initial decision
to buy it, to how they use it and whether or not they continue to purchase it
in the future.

• Consumer behavior is the actions and decisions that people or households


make when they choose, buy, use, and dispose of a product or service.
Many psychological, sociological, and cultural elements play a role in how
consumers engage with the market.

By: Prof. Arfan M. Afzal Lec. 1 11/14/2024 2


Importance of Consumer
behaviour
Building stronger customer relationships Understanding
consumer behavior is important because it helps you
create a relationship of understanding and trust with your
consumers, which can ultimately result in an increase in
brand loyalty.

• Understanding consumer behavior is important for


businesses because it can help them:
o Improve marketing
Businesses can use consumer behavior to develop effective marketing strategies that
target the right audience with the right message at the right time.
o Reduce risk
Businesses can analyze consumer behavior to minimize the risk of product failures
or unsuccessful marketing campaigns.

By: Prof. Arfan M. Afzal Lec. 1 11/14/2024 3


Conti…
o Build stronger relationships
Businesses can create a relationship of understanding and trust with their
consumers, which can lead to increased brand loyalty.
o Identify new products
Businesses can use consumer behavior data to identify openings for new products or
services.
o Make informed decisions
Businesses can use consumer behavior data to make informed decisions about
product design, features, packaging, and marketing strategies.

By: Prof. Arfan M. Afzal Lec. 1 11/14/2024 4


Merits of Consumer Behaviour
Understanding consumer behavior can help businesses in many
ways, including:
• Better products and services
By understanding what consumers want and need, businesses
can create products and services that appeal to their target
audience.
• Improved marketing strategies
Businesses can tailor their marketing strategies to be more
effective by understanding how and why consumers are likely to
act.
• Increased profitability
Businesses can improve the profitability of their products by
using segmentation, targeting, and positioning strategies.
• Competitive edge
Businesses can gain a competitive edge by constantly innovating
to meet changing needs and access new market niches.

By: Prof. Arfan M. Afzal Lec. 1 11/14/2024 5


Conti…
• Reduced marketing efforts
Loyal consumers will help promote a brand positively, which can
reduce marketing efforts.
• Enhanced customer experience
Businesses can enhance the customer experience by adapting to
changing consumer trends.
• Direct feedback
Businesses can solicit direct feedback from customers to track client
happiness, enhance product and service quality, and increase customer
loyalty.

By: Prof. Arfan M. Afzal Lec. 1 11/14/2024 6


Benefits of consumer behavior by
companies
Studying consumer behavior can help companies in many ways, including:
Identifying market opportunities
• Businesses can discover new trends, preferences, and needs by researching
consumer behavior. This can help them find new product or service
opportunities, improve existing offerings, and stay ahead of competitors.
Understanding consumer needs
• Companies can learn what influences consumers' purchasing
decisions. This can help them present their products and services in a more
appealing way.
Creating effective marketing strategies
• Companies can create more effective marketing strategies by understanding
the psychology behind consumer behavior. This can lead to increased sales
and revenue.

By: Prof. Arfan M. Afzal Lec. 1 11/14/2024 7


Conti…
Enhancing customer experience
• Companies can improve customer service and experience by understanding
customer preferences. This can help them personalize interactions, offer
relevant recommendations, and create a seamless buying journey.

Increasing customer loyalty


• Companies can motivate consumers and reinforce purchasing behaviors
through customer loyalty and reward programs.
Reducing customer attrition
• Companies can use customer segmentation to develop tailored strategies
that align customer preferences and behaviors with marketing actions. This
can help reduce customer attrition and grow profitability.

By: Prof. Arfan M. Afzal Lec. 1 11/14/2024 8

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