Importance of understanding buyer behavior.
- Customer need satisfaction: Organization should offer a marketing mix that satisfies consumer needs. To find out what satisfies consumer needs, they must understand buyer behavior.
- Marketing mix development: customers’ responses to marketing mix keeps changing. Better understanding f the factors that influence consumer behavior helps organizations to develop appropriate marketing mixes. They can better predict how customers will respond to the marketing mix.
- New marketing opportunities: unsatisfied needs motivate customers to buy. By understanding buyer behavior, marketers can locate new market opportunities.
- Target market selection: behavior is an important variable for market segmentation. By understanding buyer behavior, organizations can effectively segment the market. The can select the most attractive segments as target markets.
- Product positioning: Positioning describes how an organizations product
differs from its competitors. By understanding buyer behavior, organizations
can better position their products. They can communicate key product benefits
to the target market.
- Efficient resource use: By understanding buyer behavior organizations can make efficient use of marketing resources. They can focus their marketing efforts on meaningful groups of consumers.
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