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The importance of studying consumer behavior

You want to dive deep into the world of finance and management? Visit us: http://www.frankfurt-school.de/en/hom... First of all it is defined as the area of research within the field of Marketing that focuses on how consumers acquire, use and dispose of goods, services, time, and ideas. Consumers can be individuals, families or other groups, such as teams and companies. Let’s try to understand the importance of studying consumer behavior. Suppose you need a new phone: How would you go about satisfying this need? Where would you turn to for information? How would you set your budget? Where would you buy the phone? These are just some decisions consumers face on a regular basis. Interestingly, each consumer will answer these questions differently based on their backgrounds and some psychological factors. How consumers make each decision has direct impact on marketing strategy. For a company that makes phones, the answers to these questions will help them know: the types of phones to design, the price consumers are willing to pay, and where they should sell their phones. It is very important to understand how consumers make decisions because the best way to create and keep customers is to understand what motivates their consumption decisions and anticipate their consumption needs. Only this way, companies can design products, services and offers that will make their customers happy!