...MAssignment front sheet |Qualification |Unit number, title and level | |BTEC Level5 HND Diploma in Business |Unit 14: Working With and Leading People | | |Level 5 | |Student name and ID number |Assessor name | | |Urmila Chooramun | | | | |Date issued |Completion date |Submitted on | |22nd September 2014 |12th December 2014 before 12.00 midday | | | | | ...
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...CONSUMER BEHAVIOR PART ONE CONSUMER BEHAVIOR INTRODUCTION As the twentieth century has come to a close and we have moved into the third millennium, we can see many developments and changes taking place around us with all the industries and firms within each industry trying to keep pace with the changes and diverse needs of the people. Though for decades together, marketers have regarded ‘customer’ as the king and evolved all activities to satisfy this concept is gaining more momentum and importance today. This can largely be attributed to the prevailing market situation. Not only competition has become intense but over an above with the market being flooded with many products. The challenge before the marketers is to understand the diversity of consumer behavior and offer goods and services accordingly. Today the company image is built and made known by its customers. Thus the success of the firm will be determined by how effective it has been in meeting the diverse consumer needs and wants by treating each customer as unique and offering products and services to suit his needs and creating a life time value and relationship with him. (Nair 2004; 3) Marketers have come to realize that their effectiveness in meeting consumer needs directly influences their profitability the better they understand the factors underlying consumer behavior, the better able they are to develop effective marketing strategies to meet consumer needs. (Assael 2001; 3) Today, the digital revolution...
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