Exploring Consumer Buying Behaviors And The Creation Of Effective Marketing Strategies For An Organization

1729 Words May 10th, 2016 7 Pages
Researching Consumer Buying Behaviors The study of consumer buying behaviors is key to the efforts of marketers and the creation of effective marketing strategies for an organization. As one analyzes data collected from consumer purchases or data gleaned from surveying shoppers and consumers, that data can potentially lead to information for building strategies aimed at:
• Changes to the ‘Marketing Mix’
• Initiating initial interest for a product or service
• Progressing shopping to purchasing
• Encouraging recurring purchases and customer retention
Without information-based guidance, one would simply be guessing or assuming what consumers will purchase, putting the organization’s revenues and brand value at risk.
Marketing mix. Creating and modifying an effective marketing mix is key to connecting with an organization’s target market segments, encouraging both new customer acquisition as well as customer retention (Roper, and Fill, 2012). The marketing mix is comprised of four factors:
Product – Offering products that connect with consumer-defined values.
Price – Setting product pricing which consumers accept and the organization receives target revenues Additionally, pricing include discounting or specialized price strategies beyond the static list price.
Place – The distribution channels in which a consumer can find and purchase the product.
Promotion – Advertising the product, price, and location in which one can purchase the product.
“Customer research is a key…
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