The objective of a business organization is to increase the profitability of the organization. This objective can be achieved by effective marketing of product and services. In present era, the business pandits have learned through research and experiences that, they can better achieve this objective through the strategy of STP (Segmenting, Targeting & Positioning).The element of all marketing strategy is based on deeper understanding of Consumer Behavior. To understand consumer behavior, understanding the personality is essential. Human personality is very complex. There are many internal as well as external (social) factor that shape and affect the personality. These factors if understand properly, the behavior of consumer, up to great extent can be predicted. This will help manager to plan their controllable variables in an optimum manner, so that the maximum output of the resources can be achieved.
Why Study Consumer Behavior
It is rightly said that “The Consumer is Your Wife, But
She is No More Loyal to You” There fore it is imperative to understand the following points in consumer perspective:
o What do consumer think about our products and those of our competitors
- How do they actually use our products
- What do they think of possible Improvements in our products
- What they feel are their role in family and society what are their hopes and dreams for them selves and their families
- What is their attitudes towards our products and our promotional effort
- What are the personal and group influence which have a significant impact on consumer decision making process
You cannot take the consumer for granted any more’
Therefore a sound understanding of consumer behavior is essential for the long run success of any marketing program
No strategy can be developed without an up-to-date understanding of Consumer Behavior.
There are many factors that affect consumer behavior, these factors may be categorized as
• Psychogenic
• Social factor
• Biogenic
Conclusion
Hence we conclude that consumer behavior is complex. It is vital for managers to know it, before making any strategies. Consumer behavior can be understood better by understanding different factors that are responsible for affecting the behavior. Among these factors, few factors are personality, motivation and group. Human personality on the other hand is also influenced by motivation as well as group. Hence if we understand totality of all factors discussed above, it will give us a better understanding of consumer behavior and personality.