Understanding consumer behavior Assignment Example | Topics and Well Written Essays - 4000 words

Understanding consumer behavior - Assignment Example The service provided by concerned hotel is the most crucial factor for retaining customers’ loyalty and increase overall visits. For the success of the service industry, it is essential to offer the products and/or services according to the needs of the customers. Moreover, in order to face the increased completion in the hotel industry, it is necessary to examine the pattern of consumer behavior (Rani 52-61). Behavior of an individual is influenced by a number of factors including culture, social group, family members and other factors. A proper identification of the factors that are likely to influence the behavior of the customers enables the marketers to develop appropriate strategy for the development of the hotel business. The main aim of the hotel industry is to fulfill the needs of the customers and the studying consumer behavior facilitates the development of best products as well as offering unique services. Another factor that is most crucial and is likely to affect the buying decision is the prices of the products. The buying decision of the customers is linked with the price factor. Therefore, for this purpose of examining consumer behavior, it is likely to identify the preferable price of services offered. In addition to this, analyzing consumer behavior enables the marketers to identify the most suitable promotion method that has the potential to attract the potential custo mers as well as retain the existing ones (Rani 52-61). Consumers’ needs, motivation and values. Motivation is one of the important factors that are likely to influence consumer behavior, which in turn affects the purchase decision. Motivation enables an individual to undertake certain measure that has the potential to satisfy the needs and wants. In the context of consumer behavior, analyzing the motivation factors of the individuals is likely to be beneficial in attaining competitive advantage as compared to other hotels operating in the area. For