We will know about the Importance of Buyer Behavior.
According to Philip Kotler. “Buying behavior is the decision processes and acts of customers involved in buying and using products.
Importance of Buyer Behavior
Following are the importance of Buyer Behavior:
- Customer Need Satisfaction
- Market Mix Development.
- New Market Opportunities
- Target Market Selection
- Product Positioning
- Efficient Resources Use.
1. Customer needs satisfaction:
Organizations should offer a marketing mix that satisfies customer needs. Hence, To find out what satisfies customers, they must understand buyer behavior.
2. Marketing Mix Development
Customers’ responses to the marketing mix keep changing. A better understanding of the factors that influence consumer behavior helps organizations to develop appropriate marketing mixes. Hence, they can better predict how customers will respond to the marketing mix.
3. New Market Opportunities
Unsatisfied needs motivate customers to buy. Moreover, by understanding buyer behavior, marketers can locate new market opportunities.
4. Target Market Selection.
Behavior is an important variable for market segmentation. Moreover, by understanding buyer behavior, an organization can effectively segment the market. Hence, they can select the most attractive segments as the target market.
5. Product Positioning
Positioning describes how an organization’s product differs from its competitors. Moreover, by understanding buyer behavior, organizations can better position their products. Hence, they can communicate key product benefits to the target market. For Mode Detail: CLICK HERE
6. Efficient Resource Use:
Therefore, these are the Importance of Buyer Behavior.
Other Important Links
Meaning of Buyer Behavior Analysis: CLICK HERE