ANALYZING CONSUMER MARKETS AND BUYER BEHAVIOUR

The aim of marketing is to meet and satisfy target customer’ needs and wants.  The field of consumer behavior studies how individuals , groups and organizations select, buy, use and dispose of goods, services, ideas or experiences to satisfy their needs and desires.Even understanding how consumers dispose goods can lead to sales growth: 

Maruti Udyog,India’s No. 1 passenger car Company introduced the concept of  selling 2nd  increase of 13% y-o-y . hand cars under the true value brand in 1997, a market which was dominated by unorganized sector.This initiative gave the existing owners of maruti vehicles an exit option as the company offered Rs 5000-10,000 loyalty bonus under exchange schemes for their new cars.Sales of new vehicles targeted at the replacement or upgrading customers registered an Customers in India want to extract the maximum salvage value from old goods which have even outlived their utility instead of trashing it.Let’s discuss this insight with an example of old clothes.After a garment gets old,a younger member in the family wears it & is even preserved for the next generation.Many a times it is used as a duster or a mopper till it is torn to pieces.Pantaloons used this insight to run exchange schemes to swap their old jeans stacked in trunks for new ones.