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To understand the psychology of the consumers and how, what, when, where and in what quantity do they purchase; what drives their purchasing decisions is briefly known as the study of consumer behaviour. Consumer Behaviour is becoming a science of its own with the latest marketing and analytic tools to understand the buying behaviour of the consumers. It understands the demographic, psychographic, social, cultural, ethnic, age, country and all such factors which can affect the buying behaviour of a particular consumer. This has become very important for the organizations as retaining customers is more profitable than gaining new customers. The cost of retaining customers is approximately six times lesser than acquiring new customers. Consumer behaviour has become a science with close association with relational marketing which emphasis on the personal selling aspect and one-to-one selling. The global competition has made the firms seek personal selling as a necessary option where every consumer is given a customised product according to his or her requirements. Modern terminology is mass customization and as the understanding progresses the commoditization will become obsolete for the firms if they want to survive in the global fiercely battled marketing arena. With the advent of online marketing and shopping experience the customer awareness has increased tremendously and the customers switching brands has become a common phenomenon. Thus, consumer behaviour has a major challenge to understand the requirements of the customer and cater to their latent and hidden needs because the value addition in the marketing world has become the basic necessity of the consumer. The main offering of the website for the students is the understanding of the basic terminology and methods of consumer behaviour and the research methods used to carry a focused study about the consumer behaviour which will help them understand the consumer mindset, marketing assignment help and cater to the requirements of the firms targeting consumer behaviour as their profession. The case studies about various organizations globally successful in analyzing the consumers and their methods help the professional gain a better understanding in a more practical manner.
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- Social media vs traditional news sources: How the UK differs from other countries (freshnetworks.com)
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- Behavioral Economics Can Inform Market Regulation and Financial Education (microfinance.cgap.org)