Consumer behaviour research is important to acknowledge the buying behaviour of consumers towards products like how they react to the product quality, price of the product, product advertisement etc. Also how to know the factors of the consumers which influences their behaviour like age, income, personality, culture etc. By estimating the consumer behaviour, the marketers design such strategy that can be focused and customised according to their needs. Some of the main uses of the consumer behaviour are as follows:
- Marketers can modify marketing programme by understanding the trends of change in the market and consumer behaviour.
- Consumer behaviour helps in predicting future trends so that marketers get ready for future and adjust their marketing and product strategies according to the future requirement.
- Consumer behaviour divides consumers into different homogenous clusters or segments so that they can be targeted by product customisation according to their requirements.
- The study of consumer behaviour helps in retaining existing customers by knowing the changing trends of consumers. The marketers continuously assess their product, service or market strategy and make changes accordingly to meet the expectations of the customer.
- By improving the product features and meeting the requirements of customers on continuous basis according to the changing environment of the market and providing them customised products and services earlier than the competitor, helps marketer of a particular product in competing with the other products easily.
- On the basis of segmentation of consumers, new product can be developed to satisfy the particular requirements of the consumer segment.
For citing this article, use:
- Haider, F. (2019). An Analysis of Consumer Cluster opting core Life insurance Products.
