Marketers View Consumers as dollar bills! The more consumers they influence to buy their products the more market share (penetration) their brand will have, the more successful their company will be. Of course its not all that simple, acquiring and keeping new customers can be a daunting task without the right knowledge and tools. And even when they right tools are applied there should always be an expected rate of consumer defection. Marketers need to be familiar with how consumers behave and why. Consumer behavior is a discipline that deals with why consumers purchase or do not purchase a good or a service. (Quester et al 2011)
Marketing and consumer behavior have a very close relationship, one cannot work without the other. Why consumers behave the way they do? Should be a question that every marketer pursues or knows the answer to. Acquiring such information can help them manipulate their product’s marketing mix to encourage consumers to buy their products.
Some of the aspects that can help marketers develop a strong existence for their brands, within their respective categories are: Consumer Loyalty, Switching between brands, duplication of Purchase law, Double Jeopardy Effects, we briefly touch on all of these aspects and their relation to consumers and brands and finally we’ll conclude with how marketers view of consumers can help them market their brands better in any given market.
One of the aspects that yield positive effects on a brand’s success and the effectiveness of its marketing campaign is Consumer Loyalty defined as the number of times a consumer buys the same brand over an extended period of time.
There are three types in which customers show loyalty either by Share: when consumers buy several brands in a category. Retention: Buying the same brand for a long time. Recommendation: Recommending your brand to others. Another thing that a marketer must keep in mind is the...