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Consumer behavior and pruchasing decisions - Essay Example
Author : gloria55
Pages 11 (2761 words)
Consumer behavior and purchasing decisions Name: Course: Lecturer: Date: Introduction In the business spectrum, the business people survive through their capacity to develop products that align to the expectation of their customers all over the world (Trocchia & Luckett, 2013, p…
It is only through this manner that the understanding between the business world and the consumer can transform into a profitable venture. Customers need the business world to understand them and avail to them what they want. On the other hand, the players in the business world need the resources that the consumer has in order to turn in a profit. Hence the concept of understanding the marketing stimuli is a mutually beneficial affair. This paper then discusses this concept through an analysis of the marketing dynamics and the marketing stimuli in the need to anticipate and fulfill the customer’s expectations and wants. In so doing, the paper will examine several elements under this concept which includes an explanation of how an understanding of consumer behaviour reduces decision risk for marketers in the definition of target markets and the design of marketing mixes, the analysis of the consumer decision making process, the understanding of how consumers evaluate the goods and services they buy and consume, the consumer involvement and types of buying decisions that these consumers make, the cultural factors that influence purchase decisions, the social factors and purchase decisions and the individual psychological factors influencing the purchase decisions. ...