The study of consumer behavior is very important for a company
to survive and grow in the market. Following are a few reasons to
study consumer behaviour-
- Retaining customers- It is important for a
company to understand the current and every changing behavior of
it's consumers to be able to meet their requirements and retain
them. Not being able to do so will lead to the consumer shifting to
another brand.
- New product launch- Whenever a company wants
to launch a new product, it should always study the behaviour of
the consumers. It is because of them that the product succeeds or
fails miserably.
- Launching new marketing campaigns- A marketing
campaign is meant to target a particular group of individuals and
should be effectively made considering the consumer behavior.
- Analyse the competition- Questions such as why
is the competitor ahead of us?, what campaigns of him are
effective?, which products are most selling?, etc can be answered
by understanding consumer behavior.
Let me know in the comment section in case of any doubt.