In order to meet consumer requirements and behavior, marketing research is conducted. Marketing Research helps to identify an appropriate marketing mix. Marketing Mix is actually the right combination of product, price, place, and promotion . Such research may either be formal or informal.
Behavior that influences a consumer to prefer one brand over another is known as Consumer Behavior. It is all about the choices and preferences of a final consumer. McGraw-Hill/Irwin defined Consumer Behavior as The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.
Marketers use this knowledge to product design and price determination. Before making a purchase, consumers go through five stages of decision-making process such as; need recognition and problem awareness, information search, evaluation of alternatives, purchase, and post-purchase evaluation. First of all, consumer recognizes his need. For example, need of water in thirst. Then a consumer finds out the options available to meet his deprivation.