Question

Why consumer behavior research is important in marketing. Indicate what aspects of psychology/sociology/anthropology/communication that you believe are most relevant to strategic marketing, as well as how people's individual traits have an impact on how they respond to different types of marketing.

Answer 1

One of the most important things about the success of any company that is in operation in the global market is to identify their potential customers, their purchase behaviour and their buying power. Since different products cater different types of customers who vary in their interests, age group, financial status, gender, cultural differences etc. This would mean that the success of any product of any company would depend on their analysis of their prospective customers. People form their opinions and the understanding of the world around them with the help of the environment they live in which would be influenced by their parenting, education, employment, religious beliefs etc. Individuals on the other hand would have different types of personality traits that would encourage or discourage them from buying a product. Thus, understanding and analysing the consumer behaviour would help the companies position their product better and increase the sales while fulfilling the needs of the consumers.

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