Marketing plans and strategies would be incomplete without paying much consideration to the customers. Customers will and should always be a part of the agenda in any marketing plan of any company. Because of the implications for profitability and growth, customer retention is potentially one of the most powerful weapons that companies can employ in their fight to gain a strategic advantage and survive in today's ever increasing competitive environment (Lindenmann, 1999).
Consumers purchase products and services for the benefits derived from their use. While the study of economics focuses on outcomes, consumer behavior emphasizes the process. Rather than assuming perfect conditions, researchers of consumer behavior explicitly recognize the impact of situational elements on behavior and the variance among individuals faced with the same conditions" Which means that consumers buy products for the benefits they reap out of it, the study of consumer behavior investigates the steps, or the processes involved regarding the decisions made by the consumer (Jobber, 2007).
Values are basically the basis of one's attitude or restriction in attitude. Some examples of values include freedom, pleasure, inner harmony, and happiness. ...Show more