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Consumer Behaviour Introduction There are various types of products and services available in the market, and consequently there are several types or categories of consumers. In a typical consumer industry, the issues faced by the companies are more or less related to common factors which include sales, service, new products introduction, debt collection and competition…
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Download file to see previous pages In discrete market segments the consumers have relatively little power and in a less discrete environment, the relationship leads to less consumer loyalty and greater consumer choice on account of greater mobility enjoyed by the consumers. Background The technological developments in telecommunications and media in the recent past have opened up new avenues for marketing of the products. The developments have also enhanced the awareness among the consumers about their rights, quality of the products, pricing pattern of the similar products, track record, servicing in respect of the products and host of other factors related to marketing. Therefore the changing business environment has necessitated revisiting of the strategies hitherto adopted by the companies in marketing of the products and services and streamlining their strategies in line with the developments in the industry for their survival. Upgrading of the products and processes is a continuous process keeping in tune with the changes in technology and tastes and fashions of the consumers. Objectives This paper discusses consumer behavior with reference to an ongoing concern. An ongoing concern has to approach the issue from two angles, one in connection with the existing consumers and the other with the prospective consumers. Though there may be an element of overlapping, strategies vary for collection of information. The paper seeks to analyze the issues with regard to the existing and potential consumers. In the case of existing consumers, the information about them is already available with the company. The techniques such as Customer Relationship Management (CRM) would be useful for the management of these customers as well as the potential consumers. In the case of prospective customers, the information from the industry, community and other external sources will be required and the techniques such as market research would be useful for collecting information. In this connection a clear perspective formed by the management with regard to Consumer psychology and Consumer behavior is essential. Consumer psychology Consumer psychology deals with the study of issues most relevant to the decisions taken by the people in purchasing a particular item, determining the value of a service and the influence of advertisements in the media in their decisions, especially when they are confronted with the new products or services, consequently interrelated to the consumer behavior. The entire gamut of consumer psychology encompasses marketing, advertising and social psychology apart from economics and cultural diversity or differences and extends to several other related areas such as product packaging as well. For example, Choi, Kwon & Lee (2007, p. 10) state that “mortality salience has an impact on materialistic consumption. People with a greater fear of becoming a terrorism victim showed a greater tendency for brand name consumption and compulsive consumption”. This is an extension of the application of Terror Management Theory to consumer behavior. Likewise, the opportunities afforded are endless and includes new uses for the existing products which may give rise to new ideas in marketing a product. The economic and social background of the consumers and the psychological interplay in this backdrop is very crucial in the product placement and positioning, considering the target consumers, ...Download file to see next pagesRead More
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