Consumer behavior is a significant aspect while developing strategies in marketing within different market segments. Though there are many studies and researches done on consumer behavior, it is important to note that consumer behavior varies from one product to another and one market to the other. On the other hand, marketing is concerned with the preparation, and producing a good or service, pricing as well as marketing and distributing that product or service to the market or consumers. In order to reach the consumer, the people bestowed with the responsibility of marketing such products or services should understand the consumer needs as well as the specific market for which the product or service will sell. Additionally, it is prudent for marketers to understand that consumers only buy products that give or offer value to them.
It follows that a good marketing strategy focuses on the consumer buying behavior in identification of markets, growing them and utilizing them to gain a market share. The consumer decision making process which determined the consumer behavior is a sensitive issue which is mostly based on their experiences. This signifies the importance of marketing stimuli which is significant in provision of essential information about services or products they require. Additionally, consumers are influenced by psychological as well as social elements such as family, community and personal learning and motivation. On the other hand, consumer experience and self
Study the market, its structure, identify attitudes and behaviours of consumers, this is the first step of marketing. Among the range of behaviours and characteristics of potential buyers, it is necessary to identify homogeneous groups or segments of customers, assess their importance and possible development.
In summary, marketing is very important for a business to achieve success. Many businesses have a difficult time in this area. With the stiff competition, businesses struggle to stand out among others. Other companies resort in unethical and unfair schemes just to win the competition. But eventually find themselves in great loss and failure. As businesses all over the world enter into a gigantic marketplace, every business owner is faced with convoluted market competition. Nevertheless, any entrepreneur can be different and become successful in this matter. In every product sold and in every service provided, patience and hard work should take precedence to ensure quality. Products and services should be marketed honestly, planning should not be done with evil
Useful where multi consumer type, each with own needs, but not one product to meet all needs
Consumers are the centre of many marketers work. While the consumer is part of the marketing environment, it is also very important to recognise and understand the more personal and specific influences effecting consumers and the nature of the decision making process they use.
Consumers buying decision making play an important role for the success of every company or organisation. Without the investigation into consumers and their buying behaviour companies and organisation and marketer cannot achieved their aims and objective of their goals in the sale of their product. The purpose of this investigation is to explore the relationship between the consumers buying decision making process and the beverage brand products. (Coca Cola and Pepsi Cola) The data for the research has been collected from the UK one of the biggest town in England know as Huddersfield. The result from the research has determining that in the UK, majority of the consumers prefer Coca cola beverage brand than Pepsi and the research result has indicated that consumers buying decision can significant influence the beverage brand product in the UK market the research continue to say that if coca cola has put more focus on consumers buying decision in the UK know what they expected from them and producer according to their customers demand and try to satisfy their need and wants this can lead coca cola toward the success and increase their profit in the UK market
Marketing has become more and more important, especially as the purposes of marketing expanded into performing marketing researches. Through marketing researches, it is asserted that marketing starts with a real customer need. Classic marketing, has, nonetheless, focused on making the need that will draw customers, and this stresses the advertising power of marketing (Woodall 2007, p.1284). This is also called the sales concept of marketing (Woodall 2007, p.1285). An example is how advertising lures people into buying a brand, because of the
With that kind of personality and values of this generation have, marketers, entrepreneurs and businessmen shall take these into consideration of placing your products, services, promotions and other marketing activities within the boundaries of the next prime movers of the country which will be also the prime movers of who will decide what to buy, what is needed and what is, I want to have. Promotions that are aligned on the value on its products not just only to its brand but to central notion of providing customer satisfaction that fulfills its customer requirements, a need to be clearly understood and a must to translate into marketing
In today’s world of various products and services, businesses aim to excel and lead the competition by marketing the most number of consumers, which is a full time endeavor of business. To survive in the market, a firm or an organization has to be constantly innovating and understand the latest consumer trends and tastes. Marketers need to understand consumer behavior because the decision-making process for consumers is anything but straight forward. Consumers’ behaviors and their purchasing patterns is a huge advantage to understanding the way customers think and the reason for their purchases. Therefore, the study of consumer behavior is important because it allows the
To be successful in business, "a consumer does not buy a whole of physical components of the product but it is usefulness, function, satisfaction of consumer's needs, solving the problem, etc" (Dubrouski, , p.1). "That is why the product is a whole of tangible and intangible components which means satisfaction of consumer's needs and desires, solving the problem"(Dubrouski, p.1). Companies and managers must learn to utilize marketing research, as well as, strategy skills to fulfill customers' satisfaction. Management has to focus on exclusive marketing challenges presented by the new era of the 21st century. Management has to be able to utilize inventive, dominant, and cost effective marketing techniques that will support the future success of the organization. Companies must meet,"the increasing importance of services as part of a product (offer, offering package) which cannot be neglected" (Dubrouski, p.1). Exploring the purpose of market research, as well as, evaluating the importance of such research, facilitates managers in realizing the importance of marketing to an organization's success and to be globally competitive.
Understanding consumer buying behavior entails marketing, relationships, and consumer behavior. Consumer behavior comprises all the consumer decisions and activities connected with the choosing, buying, using and disposing of goods and services. Marketers must pay very close attention to consumer behavior that occurs before the purchase and after the particular product has been used. Studying consumer habits is one of the steps in marketing search and analysis. In addition to other basic principles of consumer buying habits, marketers also need to study the decision and actions of real people. Until recent history the study of consumer behavior was focused on generalized consumer decisions. With
This report aims to find out the relationship between customer value and marketing. In particular, it focuses on the necessity of marketing and the composition of customer value, research on the connection between these two concepts. In particular, it indicates four elements of a market, which are price, place, products, and promotion (4Ps). The other vital part of a market is customer value, it has been divided into instrumental value, hedonic value, expressive value and cost value. Customer value and marketing connect to each other through the supplier help people do better- buying decision and improve products through the customer value.
Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Marketing is one of the key measurement indicator for the success in a competitive business atmosphere but not just about promoting commodities . Shelby (cited in Ayuba, 2009) defined marketing as “ the behavioral Science that needs to explain exchange relationships’, he went explain that the study of marketing needs to understand the buyer behaviour directed at its associated consequences on society and consummation of exchange.
The marketing concept is focused on the sence of satisfying consumer needs and its main goal is to satisfy those needs by providing specific product or service offerings. In this approach, brands form out a marketing strategy which identifies their target market and the 4 P‟s as the price, promotion, place and product that are in accordance with their strategies(Kotler and Armstrong, 2006). Promotion, as a member of this marketing strategy acts as a tool for brands to promote their products or services and communicates their messages to their target markets. In their promotional efforts brands may use different media such as televisions, radios, newspapers, magazines, outdoor advertising and they can also prefer tools
The marketing process has gained more and more significance within the modern day business setting. As competition intensifies and the demands of customers exponentially increase, the economic agents are forced to devise and implement new strategies that attract and retain customers. In other words, it is no longer sufficient for a company to provide its customers with high quality products and services, but it has to also make use of complementary solutions, such as marketing strategies.
Engel (1986) define consumer behavior as "those acts of individuals directly involved in obtaining, using and disposing of economic goods and services, including the decision processes that precede and determine these acts". The present paper is a reflective journal based in which three different marketing activities have been selected and analyzed from the perspective of their influence on consumer behavior.