CKPIM Business Review

17

Authors: Prof. (Dr.) Rashmi Gujrati

In any business organization, changing consumer behaviour is a big challenge in sustainable growth of the business. In developing country like India, there is need to formulate and successfully implement strategies related to consumer behaviour because there are fewer resources to meet the basic requirements of the business. Changing consumer behaviour is an complication in the growth of business because it leads to heavy losses due to old-fashioned stock of the organization. Consumer behaviour is complex and very often not considered rational. A further challenge is that consumer personalities differ across borders and also between and within regions. Taste, behaviour and preference of consumers cannot be ignored because consumers are the „Kings‟ of market. Consumer behaviour is a complex, dynamic, multidimensional process, and all marketing decisions are based on assumptions about consumer behaviour. Therefore, marketing strategies related to consumer behaviour are made to beat cut throat competition in global context. In modern times, prediction of consumer behaviour is much essential for prosperity of the business. Its prediction and strategy formulation is a challenge for the management of any business organization. Only those organizations which formulate and implement consumer oriented marketing strategies, can survive in global competitive era. The way Indian consumers are spending their money on various items has changed in recent years. With the ever-increasing penetration of internet and social media, the purchasing behavior of Indian consumers has changed dramatically. Urbanization is taking place in India at a dramatic pace and is influencing the life style and buying behavior of the consumers. The present study is based on the perceptions, buying behavior and satisfaction of the consumers in Indian market. The Indian consumers are noted for the high degree of value orientation. India is a lucrative market even though the per capita income in India is low and it remains a huge market, even for costly products. Consumer behavior is complex and very often not considered rational. The recent trends which are found in the Indian market are celebrity influence, online shopping, freebies and popularity of eco-friendly products.