Importance of Consumer Behavior in Making Marketing Strategy to Marketers
Introduction
Let me ask you first how many times a day does you act like a consumer? If we stop to think about it, we find that the entire day is filled with consumption and consumption decisions. What should I wear, what will I eat for breakfast? How can simple decision be so important to society? Consumers answers these question by choosing the options that offer the most value. Consumer behavior is really all about value. (Babin/Harris, pg1) Now most importantly we need to know what is consumer behavior? What is Marketing Strategy? Why Consumer Behavior is important in Making Marketing Strategy? Consumer Behavior is the set of value-seeking activities that take place as people go about addressing realized needs. (Babin/Harris, pg.1) Consumer Behavior is the key to planning and managing in today’s ever-changing marketing environment. Consumer behavior includes observable behaviors such as the amount purchased, and when, with whom, by whom and how purchases are consumed. It also includes non-observable variables, such as consumer’s values, personal needs and perceptions, what information consumers have in their memories, how they get and process information, how they evaluate alternatives, and how they feel about the ownership and use of various products. Consumer Behavior is one of the richest and most interesting fields of study. Consumer behavior is an unusually diverse discipline. Consumer Behavior tends to be person-, product- and situation specific. (Quester, Pascale, pg.6-7) Marketing Strategy is the design, implementation, and control of a plan to influence exchanges to achieve organizational objectives. In consumer markets, marketing strategies are typically designed to increase the chances that consumers will have favourable thoughts and feelings about particular products, services, and brands, and will try them and repeatedly purchase them. Marketing Strategies not only adapt to consumer needs and wants but also change what consumers think and
Let me ask you first how many times a day does you act like a consumer? If we stop to think about it, we find that the entire day is filled with consumption and consumption decisions. What should I wear, what will I eat for breakfast? How can simple decision be so important to society? Consumers answers these question by choosing the options that offer the most value. Consumer behavior is really all about value. (Babin/Harris, pg1) Now most importantly we need to know what is consumer behavior? What is Marketing Strategy? Why Consumer Behavior is important in Making Marketing Strategy? Consumer Behavior is the set of value-seeking activities that take place as people go about addressing realized needs. (Babin/Harris, pg.1) Consumer Behavior is the key to planning and managing in today’s ever-changing marketing environment. Consumer behavior includes observable behaviors such as the amount purchased, and when, with whom, by whom and how purchases are consumed. It also includes non-observable variables, such as consumer’s values, personal needs and perceptions, what information consumers have in their memories, how they get and process information, how they evaluate alternatives, and how they feel about the ownership and use of various products. Consumer Behavior is one of the richest and most interesting fields of study. Consumer behavior is an unusually diverse discipline. Consumer Behavior tends to be person-, product- and situation specific. (Quester, Pascale, pg.6-7) Marketing Strategy is the design, implementation, and control of a plan to influence exchanges to achieve organizational objectives. In consumer markets, marketing strategies are typically designed to increase the chances that consumers will have favourable thoughts and feelings about particular products, services, and brands, and will try them and repeatedly purchase them. Marketing Strategies not only adapt to consumer needs and wants but also change what consumers think and
References: * Peter, J. Paul. (2008). Consumer Behaviour and Marketing Strategy. * Hawkins, David L. & Hawkins, Del I. (2010). Consumer Behaviour: Building Marketing Strategy. * Quester, Pascale. (2011). Consumer Behaviour Implications for Marketing Strategies. * Babin & Harris