Understanding consumer behaviour is pivotal for businesses aiming to connect with their target audience effectively. This understanding goes beyond mere data analysis and numbers on a graph because it also heavily revolves around psychological factors that drive purchasing decisions. Things like why people tend to go for certain brands of stationery, food, technology and more despite having better and cheaper options form a small part of the psychology of consumer behaviour. The Historical Context of Consumer Behaviour The study of consumer behaviour has evolved significantly over the past century. Initially rooted in economic theory, early research focused on the rational decision-making process, assuming consumers acted logically to maximise utility. In the mid-20th century, psychologists like John B. Watson and B.F. Skinner introduced behaviourism, emphasising the role of environmental stimuli in shaping consumer actions. This period marked the beginning of a deeper exploration into the psychological aspects of purchasing behaviour. The…
Ask any successful entrepreneur what their greatest challenge has been while building their company, and they’ll most likely say that the pursuit of success often hinges on strategic decision-making and innovative approaches to revenue generation. Central to this ethos is the concept of diversifying income streams—a practice that involves creating multiple sources of revenue in addition to their business. Here are 5 reasons why having multiple streams of substantial income is essential for entrepreneurs aiming to achieve long-term success and sustainability: 1) Risk Mitigation and Stability At its core, diversifying income streams is about spreading risk and fortifying stability. Relying solely on one revenue source leaves entrepreneurs vulnerable to external shocks such as economic downturns, industry disruptions, or shifts in consumer behaviour. By diversifying, entrepreneurs can hedge against these risks, ensuring a more stable financial foundation for their ventures. Nobody does this better than Ratan Tata with the Tata Group,…
From forging alliances to leveraging complementary strengths, strategic partnerships have emerged as an important tool…
As the world marks April 7th as World Health Day, it’s time to reflect on the importance of prioritizing health and well-being. This year, the theme “My health, my right” serves as a powerful reminder that access to high-quality healthcare, education and information is a fundamental human right. History of World Health Day World Health Day is celebrated annually on April 7th to commemorate the founding of the World Health Organization (WHO) in 1948. Since its inception, World Health Day has served as an opportunity to raise awareness about pressing global health issues and mobilize action to address them. Each year, WHO selects a theme that reflects a priority area of public health concern, highlighting the need for collective action to improve health outcomes worldwide. World Health Day is one of the eight official global health campaigns marked by the WHO, along with World Tuberculosis Day, World Immunisation Week, World…
Picture this: you’re scrolling through your social media feed, bombarded with memes, news updates and…
From Baby Boomers to Gen Z, each cohort holds distinct attitudes towards health, sustainability and dietary choices. That’s why understanding the diverse preferences and values of different generations is crucial for effective marketing. Understanding Generational Differences 1) Baby Boomers (born 1946-1964) Baby Boomers value health and wellness, but may be more sceptical of trendy health fads. Marketing strategies should emphasise the health benefits of plant-based products such as improved heart health and weight management. Highlighting the convenience and familiarity of plant-based options, like plant-based milk for coffee or meat alternatives for traditional recipes can also resonate with this generation. 2) Generation X (born 1965-1980) Generation Xers are often busy juggling work and family responsibilities. Marketing efforts should emphasise the convenience and time-saving benefits of plant-based products, such as ready-to-eat meals or meal kits. Highlighting the versatility of plant-based ingredients in family-friendly recipes can also appeal to this generation’s desire for…