Consumer is made up of some characteristics that can be observed and some that cannot be observed. The first include age, education, income, occupation, sex etc. and the second are inner psychological characteristics, such as perception and learning, which motivate the consumer to either buy or reject a product. As marketers hardly get to know what really goes on inside the mid of the consumer, in a competitive environment, where consumers have a wide range of choice, it is essential for marketers to understand the needs of the consumers and position their products accordingly. Not long ago, products launched with j8st a little promotion and no market research stood a reasonable chance of success. This is not possible any more. Consumers, with a wider variety of choices, have become discriminating buyers. And, in such a situation manufacturers must design products for buyer's market or go down. Thus, marketing research is more a necessity than a luxury. There is a marked change in the values and lifestyles of the younger generations as compared to the older. The older generation was brought up in a shortage economy with low disposable income. They believe in hard work and that rewards come slowly in life. Hence, they are quite cautious about the way they spend their hard-earned money. In their purchases they expect value for money. Self indulgence is considered a sin. Living on borrowed money is considered shameful. However, the younger generation of Indian has grown up in a relatively progressive economy with rising household income. Increased purchasing power in younger hands, coupled with the broadening of the market for consumer goods and services, has transformed the scene. This generation is more status conscious and wants to enjoy life to the maximum. There is a gradual shift from thrift to credit. The book is compilation of authoritative readings, substantially derived from articles, excerpts, reviews and notes authored by eminent scholars in the fields. Main topics dealt are: Students, scholars and teachers besides management professional will find this book as indispensable study tool.
