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Marketing and choice - Essay Example

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Marketing and choice

At many times, it has been observed that businesses believe in many other important factors other than consumer behavior to create successful strategies, such as innovative products. Both the perspectives can be analyzed to conclude that whether consumer decisions and behaviors should influence the marketing strategies or not. Consumer buying decisions may be used by businesses to create successful marketing strategies, but at the same time these evaluations may result in risks and problems for the businesses. This report analyses the arguments provided by experts saying that consumer decisions and behaviors should be considered because they give an insight to the marketers about their potential buyers, while others argue it should not be considered as business marketing needs to be rather innovative; however there has not been any clear conclusion to the discussion as both aspects have their own positive and negative points. Many of the business analysts favorably suggest that consumer decisions should be evaluated, examined and analyzed to set successful marketing strategies. This is because the customers are the major assets of the business as they enhance the growth, sales and profits of the business (Cheverton, 2005, p. 125). When a product is made, the first focus of the marketing department is to examine the target customers, position the product in the market and then create the marketing mix for the product. For these steps, the main feature is to select the targeted customers and reach up to their demands and expectations. As the business industry is becoming more and more competitive by every passing day, it is becoming even important for the businesses to recognize the tastes and behaviors of their new and existing customers. The industry today is full of complex customers who are highly informed and have high expectations. If the business wants to have a successful future, it has to consider and analyze the consumer decision making behaviors and set their strategies according to that. Thus, it is the objective of the business’s marketing department to observe and understand the behavior of the consumers and design their product just as it attracts them (Zeithaml, 1988, p. 2). In order to keep track of the consumer demands and expectations, the business needs to allocate its resources in a way that they are able to spend a decent proportion of funds in evaluating the consumer tastes and decisions. Olson writes, for this, the business also needs highly technical tools through which they can research the market trends in lesser time and get efficient results. Business analysts suggest that it is vital for the business to spend its money, time, resources and efforts in focusing and fulfilling consumer demands because without that, the business cannot form successful marketing strategies (Olson, 2010, p. 135). On the other hand, arguments against this fact suggest that as the consumers have become more complex, their demands have increased. The businesses that evaluate and examine the consumer decisions must hire a separate team that will understand and analyze the psychological trends that move on in customers. The customers are now highly informed and thus the products that reach to them must be perfect according to what they expect. While this is an important aspect to consider, it is also undeniable that there are plenty of customers that are still unaware and simple. For these customers, high tech products or ...Show more

Summary

Businesses can analyze how consumers make choices and can use this to create successful marketing strategies for the goods they want to sell. [Author] [Institution] Introduction Businesses form marketing strategies in order to reach their targeted customers for the goods that they want to sell…
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