A Report Into Consumer Behavioural Theory and Its Implications for Benecol’s Marketing Strategy

Topics: Marketing, Human behavior, Psychology Pages: 10 (3492 words) Published: March 27, 2011
A Report into Consumer Behavioural Theory and its Implications for Benecol’s Marketing Strategy

Executive Summary
* Understanding consumer behaviour allows us to engage more effectively with our target market and increase sales * It is vital we understand the needs of our target market and their motivation for purchasing Benecol or alternative products. * Giving Value to a product after we understand our consumers’ needs and motivation for purchase can increase positive interaction with our market. * When marketing a product, it is advised that the advertisement attaches itself best to the needs and value of consumers with relevant and engaging information. * Creating a psychological struggle for customers as well as curing it can be vital to increase market share and customer satisfaction. * Overcoming pre-purchase alternatives to Benecol is a great challenge due to the highly saturated market the brand finds itself in, although this is not impossible as promotion of the products health benefits can lift it. * Consumers can be conditioned to relate to Benecol both consciously and unconsciously through various marketing and production techniques. * Marketing strategies can be put in place which are directly or indirectly linked to the purchase or use of the product that gain short or long term boosts in sales or customer satisfaction such as sales promotions or school giveaways to promote health in children which improves brand reputation. * Taking advantage of every point of interaction between the product and the consumer can greatly increase the likelihood that a customer will become loyal to the brand and perhaps even aid the increase of market share.

Consumer behavioural theory gives marketing departments the opportunity to gain a more effective understanding of the customers they have or wish to attain. The theories attached to this subject emotional, cognitive and psychological reaction to marketing and brand management. The following is a report on consumer behaviour related to the Benecol brand with the intention to gain a better organisational understanding of marketing theories and methods relevant to the specific brand. Due to the market segmentation of Benecol, the report largely aims to focus on consumer behaviour closely linked to health and food products, as well as applying more general consumer behavioural theory where relevant. As the relevant theories to consumer behaviour in the case of Benecol are outlined, recommendations will be made in order to aid the company in customer acquisition, retention and satisfaction. Motivation and Need Recognition

In assembling this report it was understood that many theories of behavioural aspects of marketing are derived from an organisation’s awareness and understand of its target markets’ needs and desires and those who utilise this most effectively are often the most successful brands. For instance, Coca-Cola has no health benefits, therefore it is marketed as hedonistic product and the more its target market become increasingly health-conscious the more Coke will play on its slogan ‘enjoy’, whilst also increasing its market share in other ways, i.e. through the purchase of shares in drinks companies that promote health (Macalister & Teather, 2010). The need or desire that is recognised by Benecol’s products is clearly the reduction of cholesterol, the motivation for this is increased health as well as Benecol’s ease of use. The motivation for buying a product that increases the health of the consumer is self-evident in many ways. Value Theory

Many researchers have suggested that consumers are ‘value driven’ and find that the enjoyment of a product is balanced between what is given and what is received (Torben, 2005). In short, this theory argues the following factors are counted when a future purchase is considered:

From this, it could be argued that Benecol’s price and quality are subjective to the...

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