Essay About Consumer Behavior And Volatile Sectors

Consumer Behavior Is a Very Important Study for Analyzing Consumer Decision Making Process.
Essay Preview: Consumer Behavior Is a Very Important Study for Analyzing Consumer Decision Making Process.
Report this essay
INTRODUCTIONConsumer behavior is a very important study for analyzing consumer decision making process. It is of utmost importance to know the consumers and their needs to serve them better and also for the reputation and growth of the brand. According to the book “Principles of Marketing” by “Lamb/Hair/Sharma/McDaniel”, consumer behavior decision making process consists of five steps that can be used as a guide for studying how consumers make decisions. The five steps are need recognition, information search, evaluation of alternatives, purchase and post purchase behavior. In this research, the advertising methods followed and consumer behavior towards the brand Patanjali has been studied in depth.The Fast Moving Consumer Goods (FMCG) are the goods which are sold quickly because they are basically the daily needs of the consumers. It is one of the most volatile sectors and is the fourth largest sector in Indian economy. The drivers responsible for the growth of this sector include awareness among the people, easier access and changing lifestyles. Some of the main reasons of growth of FMCG sector are intermittent purchase of consumers, frequent consumption of the products and the affordable price ranges. The revenue generated by the FMCG sector in India is primarily contributed by the urban segment (i.e. 55% of total revenue of FMCG). There is also a rapid growth in the semi urban and rural segments as well. The FMCG sector has witnessed a rapid growth in terms of revenue which has reached Rs.3.4 lac crore (US$52.75 Billion) in the fiscal year 2018.Estimation says it will reach US$ 103.7 billion in 2020.Patanjali is a FMCG company founded in 2006 by Baba Ramdev and Acharya Balkrishna with the aim of grounding the science of Ayurveda by combining the latest technology and ancient heritage. It is headquartered in Haridwar, Uttarakhand, India. Patanjali is the rapidly growing FMCG Company in India. It offers broad range of products which are categorized as natural healthcare, natural food products, medicine, herbal home care, natural personal care, Patanjali publication and Samridhi card. The company manufactures a large variety of products made from Ayurveda and natural ingredients. It has generated a revenue of Rs.12000 crore (US$1.7Billion) in the fiscal year 2017-18.It has a huge number of employees that exceeds 2, 00,000.