{"id":166,"date":"2021-06-24T09:43:56","date_gmt":"2021-06-24T13:43:56","guid":{"rendered":"https:\/\/pressbooks.library.ryerson.ca\/marketing\/chapter\/3-1-importance-of-understanding-buyer-behaviour\/"},"modified":"2021-12-10T12:27:41","modified_gmt":"2021-12-10T17:27:41","slug":"3-1-importance-of-understanding-buyer-behaviour","status":"publish","type":"chapter","link":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/chapter\/3-1-importance-of-understanding-buyer-behaviour\/","title":{"raw":"3.1 Importance of Understanding Buyer Behaviour","rendered":"3.1 Importance of Understanding Buyer Behaviour"},"content":{"raw":"<div class=\"3.1-importance-of-understanding-buyer-behaviour-\">\r\n<div class=\"textbox textbox--learning-objectives\"><header class=\"textbox__header\">\r\n<p class=\"textbox__title\" style=\"text-align: center\"><strong>LEARNING OBJECTIVE<\/strong><\/p>\r\n\r\n<\/header>\r\n<div class=\"textbox__content\">\r\n<ul>\r\n \t<li class=\"import-Normal\">To understand the importance of understanding buyer behaviour.<\/li>\r\n<\/ul>\r\n<\/div>\r\n<\/div>\r\n<p style=\"text-align: justify\"><strong>Consumer behaviour<\/strong> looks at the many reasons why people acquire products or services. The more you understand how and why people buy products or services, the better your company can create, produce, and deliver what they will buy. However, people are complicated and many factors motivate their purchase decisions.<\/p>\r\n&nbsp;\r\n\r\n[caption id=\"\" align=\"alignnone\" width=\"539\"]<img src=\"http:\/\/pressbooks.library.ryerson.ca\/marketing\/wp-content\/uploads\/sites\/197\/2021\/06\/image1-1.jpg\" width=\"539\" height=\"359\" alt=\"\" \/> Figure 3.1 - \"<a href=\"https:\/\/www.flickr.com\/photos\/wallboat\/39544135772\">Social apps in smartphone<\/a>\" by <a href=\"https:\/\/www.flickr.com\/photos\/wallboat\/\">Wallboat<\/a> is licensed under <a href=\"https:\/\/creativecommons.org\/publicdomain\/zero\/1.0\/\">CC0 1.0<\/a>[\/caption]\r\n<p class=\"import-Normal\" style=\"text-align: justify\">When a company doesn\u2019t understand consumer behaviour it can have major consequences. The forecasts for the size and growth of the legal Cannabis Market in Canada were widely exaggerated by companies in order to attract investors. The result for many companies has been an oversupply of product, layoffs, financial losses and even bankruptcy (<a href=\"https:\/\/pressbooks.library.ryerson.ca\/marketing\/back-matter\/references\/\"><span>Lamers, 2020<\/span><\/a>). Companies entered the market assuming a demand that was not there and did not address key concerns that consumers had about buying cannabis, whether legal or not (<a href=\"https:\/\/pressbooks.library.ryerson.ca\/marketing\/back-matter\/references\/\">Grow Opportunity, 2020<\/a>). <a href=\"#newmaterial\">\u2021<\/a><\/p>\r\n\r\n<\/div>\r\n<div id=\"newmaterial\">\u2021 signifies new material that Ryerson University authors have added to this adaptation of <a href=\"https:\/\/open.umn.edu\/opentextbooks\/textbooks\/50\"> Principles of Marketing<\/a> published by University of Minnesota Library Publishing, licensed under a <a href=\"https:\/\/creativecommons.org\/licenses\/by-nc-sa\/4.0\/\">Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License<\/a>.<\/div>","rendered":"<div class=\"3.1-importance-of-understanding-buyer-behaviour-\">\n<div class=\"textbox textbox--learning-objectives\">\n<header class=\"textbox__header\">\n<p class=\"textbox__title\" style=\"text-align: center\"><strong>LEARNING OBJECTIVE<\/strong><\/p>\n<\/header>\n<div class=\"textbox__content\">\n<ul>\n<li class=\"import-Normal\">To understand the importance of understanding buyer behaviour.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p style=\"text-align: justify\"><strong>Consumer behaviour<\/strong> looks at the many reasons why people acquire products or services. The more you understand how and why people buy products or services, the better your company can create, produce, and deliver what they will buy. However, people are complicated and many factors motivate their purchase decisions.<\/p>\n<p>&nbsp;<\/p>\n<figure style=\"width: 539px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pressbooks.library.ryerson.ca\/marketing\/wp-content\/uploads\/sites\/197\/2021\/06\/image1-1.jpg\" width=\"539\" height=\"359\" alt=\"\" \/><figcaption class=\"wp-caption-text\">Figure 3.1 &#8211; &#8220;<a href=\"https:\/\/www.flickr.com\/photos\/wallboat\/39544135772\">Social apps in smartphone<\/a>&#8221; by <a href=\"https:\/\/www.flickr.com\/photos\/wallboat\/\">Wallboat<\/a> is licensed under <a href=\"https:\/\/creativecommons.org\/publicdomain\/zero\/1.0\/\">CC0 1.0<\/a><\/figcaption><\/figure>\n<p class=\"import-Normal\" style=\"text-align: justify\">When a company doesn\u2019t understand consumer behaviour it can have major consequences. The forecasts for the size and growth of the legal Cannabis Market in Canada were widely exaggerated by companies in order to attract investors. The result for many companies has been an oversupply of product, layoffs, financial losses and even bankruptcy (<a href=\"https:\/\/pressbooks.library.ryerson.ca\/marketing\/back-matter\/references\/\"><span>Lamers, 2020<\/span><\/a>). Companies entered the market assuming a demand that was not there and did not address key concerns that consumers had about buying cannabis, whether legal or not (<a href=\"https:\/\/pressbooks.library.ryerson.ca\/marketing\/back-matter\/references\/\">Grow Opportunity, 2020<\/a>). <a href=\"#newmaterial\">\u2021<\/a><\/p>\n<\/div>\n<div id=\"newmaterial\">\u2021 signifies new material that Ryerson University authors have added to this adaptation of <a href=\"https:\/\/open.umn.edu\/opentextbooks\/textbooks\/50\"> Principles of Marketing<\/a> published by University of Minnesota Library Publishing, licensed under a <a href=\"https:\/\/creativecommons.org\/licenses\/by-nc-sa\/4.0\/\">Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License<\/a>.<\/div>\n","protected":false},"author":307,"menu_order":1,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[48],"contributor":[],"license":[],"class_list":["post-166","chapter","type-chapter","status-publish","hentry","chapter-type-numberless"],"part":161,"_links":{"self":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/pressbooks\/v2\/chapters\/166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/wp\/v2\/users\/307"}],"version-history":[{"count":13,"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/pressbooks\/v2\/chapters\/166\/revisions"}],"predecessor-version":[{"id":973,"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/pressbooks\/v2\/chapters\/166\/revisions\/973"}],"part":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/pressbooks\/v2\/parts\/161"}],"metadata":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/pressbooks\/v2\/chapters\/166\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/wp\/v2\/media?parent=166"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/pressbooks\/v2\/chapter-type?post=166"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/wp\/v2\/contributor?post=166"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.library.torontomu.ca\/marketing\/wp-json\/wp\/v2\/license?post=166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}