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Research Article | Open Access
Volume 14 2022 | None
Consumer Behaviour in Financial Decision-Making: Implications for Marketing Strategies
Omdeep Gupta
Pages: 3072-3075
Abstract
A company's financial performance is ultimately impacted by consumer behavior, which has a considerable impact on the demand for the goods and services it offers. Informed judgments concerning costs, the creation of products, advertising tactics, and the allocation of resources are made possible by understanding consumer behavior. The best pricing strategy for a product is chosen by businesses based on consumer preferences and purchasing trends. With the aid of this information, they are able to determine prices that will maximize profits while maintaining market competitiveness. Consumer behavior has a significant impact on marketing techniques. In order to effectively contact and interact with their target consumers, businesses customize their marketing activities. Companies may create focused marketing initiatives and promotions that reach their target audience by knowing their target market's motives, decision-making procedures, and communication preferences. This improves brand recognition, boosts customer growth, and promotes revenue increase. Companies can determine the best prices for their goods or services by researching customer opinions of value, price sensitivity, and readiness to pay. Businesses can implement dynamic pricing methods that increase profitability by adequately leveraging price models like offers, reductions, and bundling. The cash flow and stability of a company's finances are also impacted by consumer behavior. The business's cash flow patterns may be impacted by shifts in consumer behavior, like preferences or economic situations. Maintaining enough cash reserves for operating needs and financial commitments necessitates excellent financial planning and management.
Keywords
Behaviour, Consumer, Decision-Making, Finance, Marketing
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