Consumer Behavior

Consumer Behavior involves studying the processes a consumer uses to make purchase decisions.

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What You Will Learn!

Explain What is meant by Consumer Behavior
Describe the Types of Consumers
Explain Why do Consumers Buy
Explain the Importance of Consumer Behavior
Explain Role of Consumer Behavior in Loyalty
Explain the Model of Consumer Behavior
Explain Steps of Decision-Making Process
Explain How to Reduce Cognitive Dissonance
Explain Consumer Involvement in Buying Decisions
Explain the Types of Consumer Buying Decisions
Explain the Factors Influencing Consumer Behavior
Explain Role of Consumer Behavior & Satisfaction
Explain Role of Consumer Behavior for Relationship
Explain Role of CRM in Consumer Behavior
Explain Role of Consumer Behavior & Value Drivers

Description

Every human being's subconscious mind is responsible for making decisions much before the conscious one interferes. ‘Consumer Behavior’ involves studying the processes a consumer uses to make purchase decisions, to dispose of purchased goods or services and study the factors that influence purchase decisions and the use of products. We will discuss in details about some important topics, like: Types of Consumers, Role of Consumer Behavior in Loyalty, Model of Consumer Behavior, Steps of Decision-Making Process, How to Reduce Cognitive Dissonance, Factors Influencing Consumer Behavior, Role of Consumer Behavior & Value Drivers.

You can analyze your consumers to understand consumer behavior to find out which customer value driver do they consider most important.

Based on your consumer behavior studies, you can then modify your marketing strategies and product offerings to foster the following four key customer value drivers:

Value for Time

Value for Attention

Value in my Life

Value of Access

As the consumer continues to deal with a brand for a long time, the brand tends to explicate a better insight of customer’s needs and expectations. Through this, a great relationship can be developed between them. This will result in selling of more products and retain the business with the consumers which finally leads to profitable business.