The paper "Studying Consumer Behavior Is Really Essential" is a great example of marketing coursework. Studying consumer behavior has a great influence on how marketers develop their strategies, for example, in market segmentation. Consumer behavior is a concept that has become essential in the market over recent years due to the ability of marketers to analyze buying behavior (Sigurdsson, 2013). The statement “ the study of Consumer Behavior is essential for the successful development and implementation of marketing strategy” is valid in this case. Different scholars argue about the contribution of consumer behavior analysis in the process of marketing.
Construction of a marketing plan for a product or service involves the selection of a specific target market that have the greatest potential to become customers. The purpose of marketing in commercial organizations is to maximize profits. Understanding the motives behind the behaviors of buyers of products aids producers in making their products, market oriented to maximize profits (Foxall, 2001). The development and implementation of successful marketing strategies involve activities that seek to use the wants and needs of customers to produce and market products.
Generally, consumer behavior analysis is the assessment of factors responsible for attracting and motivating consumers to behave the way they do. Information from such an analysis is utilized in the formation of marketing campaigns, for example in advertising. Different customers have varying characteristics and behavior (Mobach, 2007). However, there are some consumer characteristics that may be analyzed in the form of groups. In market environments with intense competition, studying consumer behavior enables producers to develop and sustain a competitive advantage. Consumers make different kinds of buying decisions in the consumption of various products and services.
In situations where a consumer has a wider option to choose from, personal, economic, social and cultural factors play a part in determining the consumer preference. Market environments are dynamic, therefore; they keep on changing. Businesses need to keep tabs on the buying trends within the market; they operate in (Sigurdsson, 2013). In addition, the records of a specific company play a crucial role in studying buying behaviors. Marketing efforts seek to create a certain desired response among consumers and prospective customers. Therefore, understanding the characteristics of the target market makes marketers tailor their strategies to be in sync with the consumers.
Consumers respond positively to marketing efforts that relate to them, for example, marketing that is in alignment with the cultural and social values of consumers (Mobach, 2007). In business and marketing in general, the formulation of all strategies has the customer in mind. Marketing is some form of interaction between a business and a potential customer. Poor knowledge of the characteristics of customers makes it difficult for businesses to retain them. The overall model of consumer behavior is a concept that shows that buying trends in a market are influenced by the preferences of people. The overall consumer behavior model generally explains the processes and factors that influence the choices of individuals while buying products or services.
Marketers need to put events, situations and forces within the environment of a buyer into consideration during the creation of strategies. This, therefore, shows that the study of consumer behavior is essential. Understanding the observable responses of buyers within a given market gives markets an idea of what to do to maximize profits.
Issues like brand choice, the amount of purchase, time of purchase and product choice are among the most observable responses in this case. By analyzing observable responses, producers find out the motives behind the actions of consumers (Foxall, 2001).
Calvert, A. & Brammer, M. (2012). Predicting consumer behavior: using novel mind-reading approaches. IEEE Pulse, 3(3), 38-41.
Foxall, G. (2001). Foundations of Consumer Behavior Analysis. Marketing Theory, 1(2), 165- 199.
Harris, J., Bargh, J. & Brownell, K. (2009). Priming Effects of Television Food Advertising on Eating Behavior. Health Psychology, 28(4), 404–413.
Mobach, M. (2007). Consumer behavior in the waiting area. Pharmacy World & Science, 29(1), 3–6.
Sigurdsson, V., Saevarsson, H. & Foxall, G. (2009). brand placement and consumer choice: an in-store experiment. Journal of Applied Behavior Analysis, 42(3), 741– 745.
Sigurdsson, V. (2013). Consumer behavior analysis and ascription of intentionality to the explanation of consumer choice. Marketing Theory, 13(1), 133-135.