It is a common phenomenon for all the organisations that in order to be more profitable

It is a common phenomenon for all the organisations that in order to be more profitable, in order to actually survive within the market organisations therefore must recognise and at all times stay close to the consumers to offer products as well as services which can then be bought by the consumers. In today’s changing world it can be seen that organisations are therefore using a systematic approach to comprehend the behaviour of the consumers constantly on the basis of different marketing strategies. For all organisation it is very critical to understand the consumer behaviour as it is considered an important element in the business industry. The report focuses on the detailed description as to why understanding consumer behaviour is very critical for all the organisations. It has been seen previously where organisations have gone bankrupts, they have faced losses, and also bad reputation because they failed to understand the needs as well as the wants of the consumers. It analyses the importance as in why consumers buy the product as there are different emotions associated with the consumers while buying a product or a service as all the buyers are different. They all have different needs, different wants. For example for some consumers that product or a service could be a necessity, for others it could be just an affection, love or even sometimes consumers show loyalty towards a particular brand’s product.