How does consumer behaves can be predicted up to a certain extent by MBA professionals? There are several kinds of research conducted which will reveal the data related to intentions and motivation of consumer. The following things explain how consumer behavior can be predicted.
Predictions based on Data
data obtained from retail purchases through credit cards and cookies available through the visits of the website can be used for prediction of consumer behavior. There are also various analytical sources which gives data based on the purchase of items by the consumer. Similar items can be targeted to the consumer based upon the previous purchase.
Solutions for the Problems
The first thing every Management professional should concentrate on the context in which a consumer is searching for a particular problem. This can be explained as how the consumers intend to use a particular product and how the particular product works in the hand of the consumer. The next thing managers need to focus on the environment in which the consumers are operating the product. Next thing the marketers needs attention is targeting non-buyers also for the products.
The amount of satisfaction by the consumers alone is not responsible for the consumer behavior. It is the extent up to which a consumer would recommend the particular product or service that is important from the marketing point of view. It is the duty of marketing managers to convert the consumers into promoters of the product and services to achieve higher profits.