How Organizations Have Benefited from Consumer Behavior Studies?
Consumer behavior studies are anthropological researches done on the mannerisms of the consumers. Consumer behavior studies focus primarily on customers’ attitudes when buying either a good or a service. Consumer psychologists, through extensive research, discovered methods of learning the cognitive course of a consumer’s material selections at marketplaces. This study has helped manufacturers in various aspects, including quality improvement, price determination and commuting convenience.
Techniques of Studying Consumer Behavior
Psychologists use standard techniques for research purposes. These techniques are adopted universally for engaging in many studies. Following methods are used for carrying out consumer behavior studies.
· Personal & Telephonic Interviews
One of the most followed techniques of carrying out research is an interview. Interviews can either be personal or group. They consist of questionnaires, which contain questions regarding quality, price, brand, etc., about products. Interviews also enable consumers to give any additional comments about the goods and services. The interviews can be personal face to face or telephonic.
· Online & Print Surveys
The use of surveys as a method has increasingly grown in the past decade following the emergence of the Internet. Surveys help to obtain brief opinions about goods and services. They usually are composed of multiple choice questions. They may be telephonic, personal or one-on- one, or in the form of polls on the internet. Online surveys have experienced tremendous growth, lately.
Nearly every organisation sets up an active feedback division, wherein consumers express their honest opinions about a good or service manufactured by that organisation. Feedback is considered to be an excellent method for studying consumer behavior. It allows the organization to improve and maintain the standards of their products and services.
Ways how Consumer behavior studies help an organization
Consumer behavior studies help the manufacturers and service providers in improving or maintaining the quality of their products and services. Companies are able to get direct information about the resourcefulness of the goods manufactured by them. Below are the various aspects, which have improved due to consumer behavior studies.
1. Growth in Sales
It has been found that studying buyers helps to generate better marketing policies along with goods. Organizations have managed to make products affordable and to assure quality. Hence, people have inclined towards spending on their produces.
2. Regulation of Demand and Supply
To avoid failure of goods and losses, organizations have taken help of these consumer studies to regulate the supply of the goods with respect to its demand in the market.
3. Consumer Satisfaction
There are several factors that influence the buying habits of a customer, namely, economic, social, psychological and geographical. These researches have guaranteed an all-inclusive packaged deal to the buyers. Companies have rightly determined prices of the products and have introduced several branches to their stores to ensure the convenience of location.
4. Maintain Position in a Competitive Market
Consumer behavior studies allow manufacturers to compete in the global market by bringing them the total awareness of the profits and losses pertaining to the goods created by them.
Thus, consumer behavior studies can play a major role in the overall progress of an organization in the long run. Companies are not only able to produce better products and services but also deliver utmost customer satisfaction with the use of consumer behavior studies.