Changing buyer behavior

Marketing is an applied science that tries to explain and explore how firms and consumer behave in markets. Usually Marketing models are formulated and applied using standard economic theories relying on strong assumptions of rationality of consumers and firms.  Recently marketing researchers are increasingly exploring consumer behavior. The goal of this article is to understand the overall components of how the marketers should understand the consumer behavior by exploring and integrating Behavioral Economics to effectively formulate Marketing models for long lasting success & profitability of the firm. Behavioral economics is a reaction to traditional economic theory, this attempt to systematically outline how these behavior factors work. Consumer psychology is an important domain for a marketing manager as it gives insight into a number of factors which affect sales and relationships that are not in the control of the company. An attempt has been made to combines both academic and practitioner perspectives to highlight several issues and emerging trends that emphasizes on marketing research in the new era.