Understanding consumer behavior is important for businesses as it helps increase sales, set prices, support marketing efforts, and provide a competitive advantage through facilitating forecasting, segmentation, targeting, and designing product portfolios. Consumer behavior is a complex, systematic process that is not constant, as it reflects status, differs across regions and products, and involves information search and brand loyalty. Studying consumer behavior has applications in areas like marketing management, social marketing, government decision-making, demand forecasting, educating customers, and designing a product portfolio.

1. IMPORTANCE OF CONSUMER
BEHAVIOUR
 Helps increase sales and enhance revenues.
 Setting of the prices.
 Supports marketing efforts.
 Competitive advantage
 Facilitates forecasting
 Segmentation & Targeting
 Helps In Designing Product Portfolio

2. Nature of Consumer Behaviour
 Complex in nature.
 Systematic process
 Consumer behaviour is not constant:
 Reflects status
 Differs across regions
 It differs from product to product
 Information search:
 Brand loyalty
 Facilitates spread effect

3. SCOPE OF CONSUMER BEHAVIOUR
 Marketing management
 Social marketing
 In the area of government decision-making
 Demand forecasting
 Consumer behaviour and demarketing
 Demarketing
 Educating Customers
 Designing a portfolio