Marketers need to recognize and understand consumer behavior in order for their business to be successful. List and explain why understanding consumer behavior is so important. Also within your explanation show how businesses attempt to understand their consumers? Also explain attributes of what customers are looking for in products and or services?

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.

reducing the scale of the market for a new product.