Consumer behavior and its role in shaping the industries

It is always told that consumers are the kings. They have the potential to make and break any product. The companies which are able to read the impulse of consumers, have always remained successful. Today the motto of many companies is innovation for giving quality to there end costumers. At the time of industrial revolution, the focus of all the companies was on mass production. They want to increase there profits by producing goods in bulk. End consumers have no option expect to purchase these goods.

With the time every things changes and consumers become more aware. Now they want things which are more relevant to there needs. They have become good in bargains. Today’s consumer wants best value for his money. Information has become easily available to everyone. We can easily compare the brands with competitors. Consumer of today not only wants good products but also interested with other services provided with it. After sales services has become important part in consumer needs.

All this has made companies to focus more on the consumers. Now the companies want to make products which fits well with the requirement of their consumers. For this requirement companies do lot of surveys and take regular feedback from their end consumers. Special cells have become integral part of every organization, there job is to do study of consumer behavior and give their feedback for developing good products. The companies in the past which have not given due importance to consumers are no more today.

Today markets are becoming more focused. Companies now started targeting people according to their age and sex. Toady, there are present lot of products in the market which are made for small segment of people like power bikes which are made for adventure taking people. Companies do not want to afford to lose their consumers. Companies are ready to change themselves according to the need of consumers. All this makes a consumer friendly market where consumer is a king.
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