Understanding consumer behaviour is vital for effective marketing, it helps managers to identify appropriate people to target and design, and communicate attractive offerings. Each aspect of the marketing plan can only be beneficial only by under-standing of the customer and today the rapid change in consumer markets this is only going to become more important for companies to update themselves.
In this fast changing era the power in the market place is shifting from seller to customer’s market, and latter building more choices for consumers in shape of variety by different competitors. Earlier days of business consumer market power belongs to seller, which things they brought in market consumer had to purchase, as they left with no choice. Before this shift companies don’t go for investigating the consumer behaviour. Recently organizations are investing huge amount of their marketing budget on very pertinent aspect of their success “customers”. They know their survival only depends on complete understanding of customer preferences and giving more value to them than provide by their competitors. Modern organizations when ask such questions like, who are our customers, how do we reach them, how do we attract and satisfy them, means they are trying to build sophisticated understanding of their customers. Companies are continuously trying to find out the ideas to satisfy their customers as this thing perceives to be very beneficial for companies and customers as well.
Keeping in view the above scenario, why international companies are focusing more on consumer research and development while in Pakistani context this area is neglected? Discuss any five reasons with solid justification.
1. The companies are having monopoly in the consumer market.
2. There are less or no competitors in the market.
3. To save the cost on research expenses.
4. They have already achieved customer SatisfactionDOWNLOAD SOLUTION HERE