Explain the Significance / Need / Importance of studying Buyer Behaviour.

1) Information on buyer behaviour is used to forecast and predict the buyers’ actions. The organisations have to ensure that they have the right information about the buyers for making right marketing decisions like product development, promotion, etc.

2) The buying behaviour is not the same for all individuals. Customers may say something but do something else. They may change their preference because of an influence. Therefore, it becomes critical for organisations to device correct promotion activities for making high sales.

3) The organisations have to work in sync with all its departments to satisfy consumer needs. In order to achieve efficiency, right decisions need to be made. If the information about the buyers is not available or is incorrect, the organisations will end up creating incorrect Marketing Program (4P’s).

4) The outcome of using a product, like satisfaction and recommendation to others, helps build an experience. This affects the future buying decisions. This helps organisations to build customer value and increase market share. All the efforts of the organisations are done by keeping the customer at the centre. All the positive and negative images that a consumer has about the product or the brand should be studied extensively by the marketers.

5) The marketers get a fair idea of the expectations, problems, environmental factors like government, family, etc. which help them to understand the marketing opportunities and threats. The marketers are able to understand why a consumer has developed a certain image about the product or brand.

We can say that marketers have to study the buyer behaviour and the factors influencing it to make effective (smooth functioning, hassle free) and efficient (cost effective) marketing decisions.