Financing and Marketing Management

Unit 14 - Marketing Environment-Consumer Behavior

14.1. Marketing Environment-Consumer Behavior
Understanding the buying behaviour of the target market is the essential task of marketing managers under the marketing concept. The consumer market consists of all the individuals and households that buy or acquire goods and services for personal consumption. Consumers vary tremendously in age, income, educational level, mobility patterns and taste. Marketers find it useful to distinguish different consumer groups or segments and to develop products and services tailored to their needs. If a market segment is large enough, some companies will set up a special marketing program to serve this marketing segment.