KNOW YOUR CUSTOMERS TO WIN YOUR BUSINESS

Abstract

Today`s consumer factor receives the highest priority and has become the formula of success for the Marketers. Consumer satisfaction has become the important factor for any business to succeed. In the 21st century consumer behavior concept has gained momentum and has evolved as a separate area for research by various academicians, research scholars, marketers, business men and other parties involved for customer satisfaction. Consumer behavior is everything and everything is consumer behavior. Economic liberalization of India paved the way for the entry of multinationals to India and sellers market turned buyer market as supply exceeds demand. The success or failure of marketing organizations depends upon how effectively the marketers are able to attract the consumers and develop a relationship with them. The crux of the success is to understand how and why consumers make specific decisions and behave in certain ways. What motivates them to buy? is million dollar question. The solution for this question is understanding the psychology of the consumers can give a great opening for many businesses. This involves understanding the demographics, lifestyles, personalities, values culture and family influences on the consumer. In this light, understanding the behavior of a consumer has become a panacea of success for the marketers. According to my opinion utilizing the knowledge of the consumer behavior in the development of marketing strategy is an art. This paper tries to highlight the classification of customers into different types. It would also give an insight into how to deal with different types of customers and what are the factors influencing the customer in his decision making process.