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Consumer behavior - marketing strategy
Pages 8 (2008 words)
[Your full name] [Instructor’s full name] [Course name and code] December 05, 2011 Consumer Behavior – Marketing Strategy Introduction Before going to discuss the relationship between analysis of consumer behavior and strategic marketing planning, let us get a better understanding of what consumer behavior actually is.
Some of the major factors, which influence consumers’ decision regarding purchase of a product, include price of the product, quality of the product, self-image, cultural factors, and social pressure. “Consumer behavior is deeply influenced by cultural factors such as: buyer culture, subculture, and social class” (Shah). Analysis of consumer behavior is very important for the managers because it helps them develop marketing strategies in accordance with the mindset of the consumers. Strategic Marketing Planning Masters states, “Strategic marketing is a consumer-based approach to product promotion that identifies market segments and attempts to make them more profitable by providing superior value”. Strategic marketing is the type of marketing which managers use to create such plans for the company, which should not only motivate consumers to buy the products of the company but also should increase the productivity and profitability of the company. Productivity depends on the satisfaction and retention of customers of the company. When the customers will be satisfied from the products of the company, they will work as a source to attract more customers for the company and as a result, the productivity and the profitability of the company will increase. ...
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