Consumer Behavior in Marketing
Consumer Behavior in Marketing basically is consumers buying products, services, or ideas. It is the study of how people respond to marketing messages and why they either accept or reject them.
Companies often use the behavior of consumers to help find the best way to market their product or brand. The behavior studies can answer questions about a specific demographic such as what colors a certain gender likes and whether they prefer to buy clothes online versus in-store. It also helps people predict whether a particular product will be successful with consumers by understanding how they’re likely to behave when offered it on the shelf at the store.
The Advantages of Understanding Consumer Behavior
One key advantage of studying customer habits for marketing is the ability to keep track of critical behavioral exchanges that may result in catastrophe. For example, a national retailer could not survive the failure of an oversized white hat when trying to sell the product. Understanding how customer behavior works in marketing can anticipate problems and avoid them.
The purpose of this research project is to study consumer behavior about iTunes gift cards. The research team will conduct two different market surveys in order to gather data about customers’ attitudes and behaviors towards gift cards from iThrive, one of the biggest companies in the United Kingdom that applies new technology which allows consumers receive their gifts online.
Data Collection on Particular Consumer Behavior
All of the vocabulary used to convey customer behavior is captured by AI technology capable of natural language recognition (NLP). With the correct social listening tools, it’s remarkably simple. This kind of consumer insight opens up a world of possibilities for transportation marketing ideas.
The survey is done on the consumers through social media so the consumers can receive messages, and they will give their feedback. The data is collected from Twitter by following the posts that have hashtag #iTunesUKgiftcard in them. The data will be gathered by the tweets posted on Twitter, and it will be gathered for a week time period. The number of tweets that are found each day are counted and written down in a table. This table will count up to seven days of posts on twitter at a specific time slot which is from 9-9:30am GMT. Then, consumer need to choose the tweets that are relevant to our research through software such as Tweetdeck plus.
Evolving Consumer Behavior
Customer behavior is changing constantly. It is very difficult for companies to identify the new trends and different ways of doing things to make a profit. By getting the right information, new ideas can be found in order to improve the communication of their business.
In every industry, there are different trends that appear every year and they are discussed among people at different levels in a company or organization. A new trend might not be something that will be liked by everyone in an organization or company but it might be something that could help increase sales or make more profit than before.
NetBase Quid provides AI-powered market and consumer analytics to help businesses reinvent themselves in a loud, uncertain environment. NetBase is the leader in Clean Machine technology. NetBase’s unique technologies are built on world-class natural language processing and machine learning. The result is a powerful platform that offers real-time, automated intelligence about any topic or industry, in any form of media
The idea behind this project is to use the blockchain technology for the stock trading market. Using blockchain for stock trading is considered a very good idea because it can increase transactions, reduce commissions and also can contribute to better security in stock trading.