One Million Dollar Question

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How to predict consumer behavior?
The study of consumers and their behavior has practical implications for the development of business strategies, whether at the level of: communication, pricing, development or even product placement on the market, point of sale management, brand building, definition of its positioning and segmentation.

When a Marketing or Product manager has to make a decision, whether directly or indirectly, the focus of that decision will always be the consumer and their psychology. In fact, only by understanding their psyche can we predict their behavior.

In some way, this area of ​​psychology seeks to make a valid bolivia number dataset to interpreting, predicting, measuring and influencing consumer response.

This is therefore a field of growing interest from marketers and business schools who now categorize the consumer as the one who truly manages the business.

Consumer behavior is understood as the decision-making process and activity in which individuals engage when evaluating, acquiring, using or disposing of goods and services. In this context, it is necessary to understand the components that may underlie the consumption process.

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The Consumer States
It all starts with an imbalance between the consumer's current state and the desired state. At this stage, the consumer is influenced by numerous internal stimuli (Motivation, Perception, Attitudes, etc.) and external stimuli (social class, family, culture). Marketing helps to perceive the imbalance between the current state and the desired state, not only increasing the gap but also promoting the magnitude of this discrepancy.

Once this gap has been identified, the consumer will tend to seek information that will support their decision-making with the aim of reducing the risk of making a bad decision. In this process, there are several variables to take into account, but perhaps the most important one is to mention that the individual seeks information internally (memories) and externally through the search for information (not always controlled) by Marketing.

In a subsequent phase, the consumer will be able to evaluate products, brands and places of purchase and tend to evaluate their attributes. Here, alternatives are evaluated and criteria are defined.