Customers Behaviour And How It Affects The Growth Of A Business
This study focuses on customers’ behavior and how it affect the growth of a business (a case study of Vivid Consuming pro, Afam Road Portharcourt). A proper research was carried out to find out if customers’ behavior is influenced by lack of satisfaction in the services rendered by the business, to ascertain the factors that influences the change in customers’ behavior towards an organization, to analyze the ways customers’ behavior affects the growth of a business, and to find out the perception of customers on the ways to maintain a positive customers’ behavior towards their products.
The major target of the study are customers between the age of 18 and 40, the researcher conducted an interview with the customers and the responses were critically analysed. After the analysis of the result, the conclusion obtained is that he ability of a business to maintain customers’ retention influences the productivity of the business.
1.1 Background Of The Study
The key to thrive in any business is to offer customers with better solutions to their problems, give them the due respect, connect with them on emotional level, offer them with fair prices, and making it easy for customers to find what they need, pay for it and move on without much delay
Customer behavior study is based on consumer buying behavior, with the customer playing the three distinct roles of user, payer and buyer. Research has shown that consumer behavior is difficult to predict, even for experts in the field. Relationship marketing is an influential asset for customer behavior analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer (Peter C.
2003). A greater importance is also placed on consumer retention, customer relationship with management, and personalization. Social functions can be categorized into social choice and welfare functions.
In present scenario, the study of consumer behavior has become essential. Consumers are the kings of markets. Without consumers no business organization can run. All the activities of the business concerns end with consumers and consumer satisfaction. Customer behavior study is based on consumer buying behavior, with the customer playing the three distinct roles of user, payer and buyer. Research has shown that consumer behavior is difficult to predict, even for experts in the field. The study of Consumer Behavior is quite complex, because of many variables involved and their tendency to interact with & influence each other (Jobber
& Geoff, 2000). These variables are divided into three major sections that have been identified as the most important general influences on Consumer Behavior. Consumer behavior is the study of when, why, how, and where people do or do not buy a product. It blends elements from psychology, sociology, and economics. It attempts to understand the buyer decision making process, both individually and in groups.
Buying situation, personal influences, and social influences are the three major factors identified as other key factors that influence consumers buying behavior (Jobber & Geoff, 2000).
In today’s competitive retail environment, the idea of retaining customers is a tough task. The successful ones are those who are able to establish and maintain more competitive advantages in their customers. Therefore, this study focuses on customers’ behavior and how it affect the growth of a business (a case study of Vivid Consuming pro, Afam Road Portharcourt).
1.2 Statement Of The Problem
One of the major challenges faced by most businesses is the ability to retain their customers for a long period of time (Myers, 2009). The buying behavior of customers towards a certain product is influenced by so many factors such as cultural factors, societal factors, personal factors, etc.
In an attempt to curb these problems retailing shops issue customer cards to customers granting the customers with some benefits. If owning a card of a company is enough to influence a customer to make all his purchases from that particular shop or company, then how would such customer determine where to make his purchases if he or she has two or more cards of different competitors? In such instance, there is the need to find out which other factors come into play to influence a customer in his buying decision (Ghauri & Gronhaug, 2002).
If customers’ behaviour does not favor an organization, this influences the number of customers that patronage the organization. Low level of customers’ patronage results in a low level of income which eventually affects the growth and productivity of the organization (Myers, 2009). These problems make it glaring that there is a need to carry out a study on customers’ behavior and how it affect the growth of a business.
1.3 Objectives Of The Study
The general objective is to examine customers’ behavior and how it affect the growth of a business. The specific objectives are:
- To find out if customers’ behavior is influenced by lack of satisfaction in the services rendered by the business.
- To ascertain the factors that influences the change in customers’ behavior towards an organization.
- To analyze the ways customers’ behavior affects the growth of a business.
- To find out the perception of customers on the ways to maintain a positive customers’ behavior towards their products.
1.4 Research Questions
The research questions related to this study include the following:
- Is customers’ behavior influenced by lack of satisfaction in the services rendered by the business?
- What are the factors that influences the change in customers’ behavior towards an organization?
- What are the ways customers’ behavior affects the growth of a business?
- What is the perception of customers on the ways to maintain a positive customers’ behavior towards their products?
1.5 Significance Of The Study
The findings from this study will be relevant to business owners and student researchers.
Customers Behaviour And How It Affects The Growth Of A Business
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Customers Behaviour And How It Affects The Growth Of A Business
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Frequently Asked Questions
What are the factors that affect customer behavior?
Customer behavior 1 The expectations of a consumer with a brand. 2 Customer’s decisions regarding purchases and his buying patterns. 3 Customers liking, desires, and changing needs or wants. 4 The impact of various environmental factors on the consumers. More …
What shapes or affects a customer’s behavior the most?
According to various market surveys and research conducted, what shapes or affects a customer’s behavior the most is a brands customer service. It is one major factor that highly impacts the consumer behavior. A customer who had a bad customer service experience with your business will form negative words of mouth for your business.
Why is consumer behavior important to attract customers?
Consumer behavior is not just important to attract new customers, but it is very important to retain existing customers as well. When a customer is happy about a particular product, he/she will repeat the purchase.
What is consumer behavior?
What Is Consumer Behavior? Consumer buying behavior refers to the study of customers and how they behave while deciding to buy a product that satisfies their needs. It is a study of the actions of the consumers that drive them to buy and use certain products.
How do brands influence consumer behavior?
Consumer behavior is often influenced by different factors. Marketers should study consumer purchase patterns and figure out buyer trends. In most cases, brands influence consumer behavior only with the things they can control; think about how IKEA seems to compel you to spend more than what you intended to every time you walk into the store.
What is the difference between customer behavior habits and customer behavior patterns?
Habits are developed as tendencies towards an action and they become spontaneous over time, while patterns show a predictable mental design. Each customer has his unique buying habits, while buying behavior patterns are collective and offer marketers a unique characterization. Customer behavior patterns can be grouped into:
How do demographic factors affect consumer behavior?
This article focuses on four important demographic factors and the effect they have on consumer behavior. These factors are age, sex, education and income. As these factors change affect consumer behavior. You can observe a that an increase in wealth or education affects consumer behavior.
What should be included in a consumer behavior analysis?
A consumer behavior analysis should reveal: What consumers think and how they feel about various alternatives (brands, products, etc.); How consumers’ environment (friends, family, media, etc.) influences their behavior. Consumer behavior is often influenced by different factors.
What is the role of consumer behavior in marketing?
The role of consumer behavior in marketing is huge in that you can better meet the needs of your customers and prospective customers if you know why they’re buying what they’re buying. And if you can answer that question, then you can better market your products. If you own a retail business, spend some time in the showroom.
Why is it important to understand customer behavior?
Customers are a major factor that decides whether a business succeeds or fails. Being able to connect with them is absolutely essential. Understanding consumer behavior — essentially the psychology of marketing — is one way for a business to anticipate and meet the needs of its current and future customers. list Cite.
What are the benefits of studying consumer behavior?
But it goes even deeper than that: 1 Consumer differentiation. While you may have already established a targeted demographic for your business, expanding your understanding of consumer behaviors can help you identify variations among your individual customers. … 2 Predicting marketing trends. … 3 Identifying room for new products. …
What is consumer psychology and how can it help your business?
By looking into consumer psychology and the forces behind customer buying behavior, companies can craft new products, marketing campaigns and increase profitability. Companies should talk to consumers, watch out for frustrations, and most importantly, identify their needs and expectations!
What are the factors affecting consumer behavior?
With each successive wave, the economy has grown more resilient to the effects of the virus, but by the end of 2020, it became clear that consumer behavior, not government restrictions, had the greatest effect on economic outcomes.
What are aims and objective of consumer behavior?
Objectives of Consumer Behaviour Analysis. The objectives of consumer behaviour analysis are mostly consumer researches are undertaken to find out the attitudes of the consumer about a product. Their preferences, likes and dislikes which lead to the further modernization of the sales strategies by the marketer.