MANAGEMENT

Detailed explanation-1: -The field of consumer behavior in marketing is essential because it can help companies understand their customers better, leading to more significant sales and profits. For instance, if a company knows why customers are buying its products, then it can focus on making those products more attractive.

Detailed explanation-2: -Understanding consumer behaviour is important for businesses because it can help them to make better decisions about their products and services. By understanding why people purchase certain products and how they use them, businesses can adapt their offerings to better suit the needs and wants of their target market.

Detailed explanation-3: -There are four factors that determine the characteristics of consumer behavior: personal, psychological, social, and cultural. All factors have a major impact on a consumer’s behavior and the characteristics that define a customer will change as her/his life changes.

Detailed explanation-4: -Extended Decision-Making. Limited Decision-Making. Habitual Buying Behavior. Variety-Seeking Buying Behavior.

Detailed explanation-5: -The study of consumer buying behavior is most important for marketers as they can understand the expectation of the consumers. It helps to understand what makes a consumer buy a product. It is important to assess the kind of products liked by consumers so that they can release it to the market.