Understanding And Acting Upon Consumer Behavior Essay

1378 Words Oct 6th, 2016 6 Pages
Consumer Behavior – Booking.com

Understanding and acting upon consumer behavior is at the core of becoming a successful retailer. Today’s business environment is packed with competing firms, all seeking to convenience customers to choose them over their competitors. Many industries, such as the soda, cell phone, and washing detergent industry are dominated by a just a few or a sole firm. Therefore, more than ever it is difficult to intervene in the habitual consumption of most consumers. A consumer’s buying process is what must be closely analyzed by any existing or new firm that is trying to become competitive in today’s business environment.
A customer will have both utilitarian and hedonic needs. Often companies will attempt to merge these two types of needs to create an all-encompassing experience. For example, the Wegmans store experience doesn’t only satisfy the utilitarian need of purchasing groceries, it also provides stimulation (an aspect of satisfying hedonic needs) through visuals and well organized displays. Paying attention to such details and so creating a multi-dimensional experience creates a competitive advantage.
Perhaps the most radical change in consumer behavior happened when the new-era of internet began and the way customer’s search for information and evaluate alternatives changed almost instantly. Today customers face the challenge of being overwhelmed by information rather than not being able to access it. The internet has also revolutionized…
Open Document