Answer:
Consumer behavior can be defined as the behavior shown by the final consumers and users of the products and services. It is very important for the marketers to know and understand consumer behavior. Marketers should know:
Why consumers purchase different products
How much they purchase
From where they purchase
When they purchase products
With whom they purchase products
Who initiate the buying decision
What can influence him or her
From where did they get the information
Who influence their buying decision
Who actually make the buying
How they use the products etc etc.
Markets try to study consumers from the data generated in-store and out-of-store. They do research to study consumers in depth. They also do trend analysis which means what consumers are buying, what they are watching online, which movies they are seeing, which newspapers they read etc etc. In this way, they can get data regarding their preferences, needs and wants so they can made and tailor their offers and products accordingly.
Consumers want to satisfy their needs and wants with the help of products and services. They want to use the latest and innovative products which can fulfill their needs in the most advanced and effective way at the affordable price.
