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Explain a Marketing concept for MKGT 3000 - Essay Example

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Marketing is one of the most important aspects of a business that greatly facilitates in creating a niche position in the market. Kotler and Armstrong (2009) have broadly defined marketing as meeting the needs of people profitably. It helps to meet the changing needs and requirements of people through goods and services produced by the businesses…
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Explain a Marketing concept for MKGT 3000
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Explain a Marketing concept for MKGT 3000

We would be discussing few major factors that significantly impact purchase behavior and consumption pattern of the products that are used in marketing a product. Customers’ purchase behavior is quite complex because it is intensely influenced by socio-economic and psychological paradigms. It is true that consumers purchase products only when they perceive the need for it. But at the same time, the need could have triggered either by advertisement or by observing other people which could lead to the purchase of the product. Various factors like price, buying value, consumption value and after sales performance add credibility to the purchase. If customer is satisfied, the organizations are not only able to retain them but they are also liable to get new ones through word of mouth publicity that greatly establishes their market credibility. Arnould et al (2004) assert that consumer behavior is also motivated by desired goal that is need based. Products that are bought mainly as a lifestyle statement are prompted by motivated goals. Luxury brands and trend setting goods are major indicators of changing lifestyle pattern that people are ready to adopt to keep up with the times. People are prone to adopt new lifestyle that reflects that changing socio-economic status in society. It also reveals their new value system, tastes and indeed changing preferences. ... Read More
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