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PRICE, CONSUMER BUYING BEHAVIOR AND MARKETING ACTIVITIES
Pages 4 (1004 words)
In order to comprehend consumer behaviors, it is important for marketers to recognize the economic constraint of consumers because it influences their decision making process concerning what they want to buy.
Pricing behaviors used to advertise goods and services to consumers such as twenty thousand pounds for a Ferrari, are common in contemporary society, showing that they are advantageous for businesses (Baines et al. 2011). Further, price consultants have emerged to provide advice to business people on how to price their goods because of existence of a strong relationship among price, consumer buying behavior, and marketing strategies. It is significant for businesses to determine which pricing behaviors will harness more consumers. Buying behavior is an act where people make decisions whether to buy a certain product or not. Consumer buying behavior is the buying behavior of the final consumer product. Consumers tend to show distinct behaviors when buying products and services of their choice. It is significant to note that the type of goods they want to purchase affects their purchasing behaviors. Consumer buying behavior incorporates a long process in that the purchaser has to identify and study the product advantages and disadvantages before deciding whether to purchase it or not. Since the intention of marketing is to ensure satisfaction of the customer in return for profits, business managers need to understand the relationship among price, consumer behavior, and marketing activities. Marketers need to identify customers’ needs, preferences, tastes, desires, and expectations of consumers in purchasing their products (Doyle 2006, pp. 73–4). ...
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