January 12, 2014
One could argue that in order for marketing strategies to be successful, an organization needs to be well informed on consumer behavior. Organizations must first have a clear understanding of what the term consumer behavior means and how it is related to marketing. Information provided by studying or researching consumer behavior can give insight on the 4 P’s, which consist of product, price, promotion and place. Marketing professional and organization should understand that these things are all influenced by consumer behavior. Consumer Behavior and Marketing
Consumer behavior is defined as “the study of individuals, groups, or organizations and the process they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and impacts that these processes have on the consume and society” (Hawkins, Mothersbaugh, & Best, 2007, p. 6). Although this definition is very broad, it will allow room to explore influences and consequences on consumer decisions. Consumer behavior and marketing go hand-in-hand. In order for marketing strategies to be successful, marketers must first understand what consumer behavior is. For example, todays growing technology puts more challenges on companies to compete with other businesses from around the world that they would have not other wise heard of. Global marketing is higher than it has ever been because of these technologies. You can find American stores and restaurants all over the world. Burger Kings, Subways, and McDonalds, are on every other corner in Europe. The consumers in these countries however, do not have the same behaviors as consumers in the United States. For the companies to be successful they must research and understand the consumer behavior in each area they place a store or restaurant. Businesses need to know who their target audience is, their wants, needs, their location, and how they...