Theory of Topic - Consumers Behavior
Consumer is the person whom every business concern is dependent upon in order to generate sales and thereby incur profit. Consumers form the sole premise on which the business activity of an organization is based on. Without the support and sustenance of the consumers, activities of any business concern will come to a standstill. For the development of a business, effective consumer feedback becomes mandatory which is obtained through Consumers Behavior. It is the analysis of the manner in which consumers adapt themselves to select particular products, services or business profiles over others and the manipulations of the effects of such behavior on the product.
The product whose end-use is determined by the behavior of consumers deserves to be modified according to the needs of the company through effective strategies like marketing, sales promotions and other related activities which will necessitate consumer satisfaction and enhance the turnover of the products.
There are several requirements for the customers based on which their demands for certain products are always on the higher strata when compared to other products. There are certain times of the year when demand for certain products are greater in comparison with other times, for example, festive seasons, anniversaries, and so on. The factor which favors a positive Consumers Behavior is the creation of such needs among the consumers so that their purchasing power is enhanced and they will go in for diverse products.
An in-depth analytical study and research on Consumers Behavior is warranted to obtain some idea on the necessity of products at particular junctures, the reasons for their greater demand and lesser demand and the technique and methodology employed by the consumers in purchasing the products which will bring about benefit to the consumers, for example, when products have been put up on sale, when they are sold at discounts, and so on.
There are some common components which business analysts attribute to deciding Consumers Behavior and which might contribute to the development of the concern in terms of its profit margin. The most significant contributor is the marketing strategies adapted by the business concern which acts to attract the attention of the consumers. Unique prospective manner should be followed in advertising products to showcase their strength and utilize their influence on the daily activities of the consumers. The purchasing power of the consumers decides the manner in which Consumers Behavior towards any product is directed. The greater the spending power of the consumers, the better they become the targets for advertising. In addition to spending power, consumers' preferences determine Consumers Behavior and adjudge their purchasing trend. The current tendency of the market, in general, will determine the overall drift towards the sale of particular products, namely, products which are fashionable and apply to the present demand. Ultimately, it is the satisfaction of consumers over some products that will induce them to buy similar such products and go in for purchasing some brands in preference to the others.
Problems Encountered In Solutions To Consumers Behavior Problems
Identifying Consumers Behavior towards products or services, when following a particular trend is difficult as there may be inadvertent changes brought about thus bringing about an upswing or sudden drop in the volume of sales of some products. Careful analysis of the Consumers Behavior is much needed before new products are introduced in the market, with much preference given to quality of the product, rather than only the reduced pricing strategies being undertaken as the principal goal in targeting at consumers.
The applications used to attract consumers towards products could be online sales, discounts and reductions which are genuinely offered to bring about Consumers Behavior satisfaction. If there is slight discrepancy in any of the announced products, then it will lead to problems in consumers accepting the products, even if suitable changes are being made. This is one of the most cumbersome problems to be tackled in terms of Consumers Behavior and brings in quite a unified effort from the manufacturer, marketer and seller.
There might be certain restrictions or limitations in the knowledge dissipated to the consumers such that Consumers Behavior towards some products will not be to the expected level. This arises more from faulty assessment provided to the consumers by the marketers and needs to be corrected to bring any restyling and remodeling of Consumers Behavior.
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