How to identify the consumer in the market
Video: 8 Methods of Consumer Research & Innovation | Dr Vivek Bindra | Motivational Speaker 2024, July
Often, marketers and sociologists analyze consumers and their financial capabilities. Often this is necessary for owners of trading enterprises or lenders. In any case, you must do this in the correct sequence.
You will need
- - Skills of analysis;
- - knowledge of the consumer and specific areas of the market.
Instruction manual
1
Record the income and expenses that the consumer maintains, as a rule, on the basis of the personal budget. This can be a financial plan of a family, household, or an individual, where you need to add up expenses and income for a certain period. Naturally, such budgets may be excessive or scarce. In the event that the consumer's expenses and incomes correspond to each other, then the budget can be called balanced.
2
Define the financial goals of the consumer. They depend on preliminary decisions on large purchases (acquiring a home, making a tourist trip, starting a business), which are usually difficult to implement using only current income. The consumer is always limited in his financial capabilities, and the purchase of one item may lead to the refusal to purchase another. Accounting for required savings or consumer credit is also taken into account.
3
Estimate the expected consumer income by adding up all possible sources of income. The main ones include salaries for professional activities, and the others include revenues from the accumulated material condition or rational use of funds.
4
Estimate consumer spending. This is the most difficult part of consumer behavior in financial markets. Here you need to show as much knowledge and skills as possible marketing opportunity. Costs are allocated to consumer actions such as purchases, credit, and savings.
5
Make a decision about the solvency of the consumer and choose options according to the expected income: secondary or priority, cheaper or more expensive. It is necessary to decide what expenses can be reduced so that the consumer budget is balanced. In this process, consumers are faced with what is called a replacement price. It is necessary to decide which goods and services the consumer must refuse in order to purchase other goods or services.
