the

The importance of studying consumer behavior

okay let's do this today I'm going to

teach you what consumer behavior is

first of all it is defined as the area

of research within the field of

marketing that focuses on how consumers

acquire use and dispose of goods

services time and ideas consumers can be

individuals families or other groups

such as teams and companies let's try to

understand the importance of studying

consumer behavior suppose you need a new

phone how would you go about satisfying

this need where would you turn to for

information how would you set your

budget where would you buy the phone

these are just some decisions consumers

face on a regular basis interestingly

each consumer will answer these

questions differently based on their

backgrounds and some psychological

factors for a company that makes phones

the answers to these questions will help

them know the types of phones to design

the price consumers are willing to pay

and where they should sell their phones

it is very important to understand how

consumers make decisions because the

best way to create and keep customers is

to understand what motivates their

consumption decisions and anticipate

their consumption needs only this way

companies can design products services

and offers that will make their

customers happy

[Music]

[Applause]

you

[Music]