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Consumer Behavior • 1. Consumer Behaviour • Based on concepts from Psychology Sociology Anthropology Marketing Economics • Why do we need to study Consumer Behaviour? Because no longer can we take the customer/consumer for granted.

• Failure rates of new products introduced Out of 11000 new products introduced by 77 companies, only 56% are present 5 years later. Only 8% of new product concepts offered by 112 leading companies reached the market. Out of that 83% failed to meet marketing objectives. • All managers must become astute analysts of consumer motivation and behaviour • Can Marketing be standardised? Because cross - cultural styles, habits, tastes, prevents such standardisation. Nod32 fix v1 9 nsaneforum. • Unless Managements act The more successful a firm has been in the past, the more likely is it to fail in the future. Because people tend to repeat behaviour for which they have been rewarded.