The paper "Consumer Behavior’ s Role in Business and Society" is a great example of marketing coursework. The consumer is the only user of the product in the market. Consumer behavior basically refers to the decision made by the buyers in the market about the product whether to purchase or not. Consumers alter their desires basing on interpersonal reasons and individual wants. Therefore, marketers strive to understand this behavior in order to create market motivation which will catch the attention of consumers in order to make high purchases. Consumer behavior’ s role in the business Consumer behavior plays a crucial role in industry by aiding the set up of new market strategies in a business that will enhance implementation of new policies which will guide and boost purchases.
These policies concentrate on the attitude of the consumer and change it in order to buy a product. However, it may be difficult to change one’ s character and perception either. Therefore it is a process to build the attitude of the consumers. Consumer behavior’ s role in society Consumer behavior harmonizes the needs of consumers in society. Though consumer behavior is an individual facet, society comprehends all the other behaviors and eventually, these attitudes will create a harmonized need in society. Question 2 List each of the five factors in the CVF model, and then provide a definition for each of the five factors followed by a brief description using an example that explains the workings and inter-relationships of the five factors Value: It is the net worth of the product.
We have utilitarian value and Hedonic value. Utilitarian value focuses on how much benefit in terms of performance and quality will the consumer gain from the product.
For instance, durable products have utilitarian value since the consumer will use it for a longer time. Hedonic value is the satisfaction that comes after experiencing the product. Relationship quality: It is that proximity or commitment of consumer to the product that will persuade the consumer to purchase the product. Consumption process: The process in which goods and service are used and transformed into value. Individual differences (internal influences): These are personal values and perception that the consumer has on the product. It is derived from consumer’ s psychology and personality. External influences: It is the social setting that encloses the consumer and situational pressure as well.
For example culture values, family influence and timing. Question 3 Explain how the customer value framework including its five components may influence marketing strategy development. Use an example to illustrate your answer The business will create new marketing plans to increase the value (utilitarian and hedonic) of the product in order to gain a competitive advantage over its competitors in the market. Therefore, cost-benefit analysis of the product will greatly influence the marketing plans since the business will be straggling to create market stimuli for its consumers.
For instance, a business may sacrifice a lot of finance so as to make a product convenient to the consumers in order to gain a competitive advantage over the other competitors in the market. It also leads to marketing segmentation.
ReferenceUniversity of Southern Queensland, (2011). Consumer Behavior: Faculty Of Business Law, Australia: University Of Southern Queensland.