The paper "Importance of Consumer Behavior and Understanding of Such Processes" is an outstanding example of marketing coursework. The concept of consumer behavior denotes the study of factors that influence the choices that consumers make when searching, procuring, consuming, appraising and disposing of products of value. The choices made by consumers regarding the purchasing of goods and services are influenced by both external and internal factors. Internal factors refer to individual consumer attributes such as level of motivation, perceptions and learning. External factors are those influenced by parameters, such as reference groups, social class and culture.
Marketing involves interactions between buyers and sellers with the objective of exchanging something of value for the mutual satisfaction of both parties. The marketing process can only be understood by analyzing consumer behavior, which reveals valuable insights that organizations can use for making decisions and developing marketing strategies. Decisions regarding the best market segments to target are made in consideration of consumer needs, attributes, and location and consumption patterns. The objective of this paper is to explore the importance of the study of consumer behavior from a marketing point of view.
A case study of McDonald's will be employed to highlight factors that influence consumer behavior in the fast-food industry. With the drastic increase in competition owing to globalization, companies are compelled to readjust their strategies in order to win a competitive edge and optimize profits. Subsequently, work schedules have been significantly altered, with a majority of the working population getting more constrained on resources, especially time. With some workers taking up multiple jobs sometimes in different locations, scarcity of time has increasingly become a major challenge, and any developments that can help to save on time are highly valued.
A major development that has emerged due to poverty of time is the concept of fast food. The fast-food industry has drastically gained popularity in recent times, as more workers that are overwhelmed with hectic work schedules prefer to take quick meals in their cars, on buses and trains, and in their workplaces. MacDonald’ s enhanced capacity enables it to serve over 47 million customers on a daily basis. With 85% of the business operating as franchises, the company has developed an elaborate framework for training staff and monitoring performance in franchises to ensure they adhere to the organizations objective of producing high-quality products and other value propositions. Importance of Consumer Behavior The importance of marketers studying consumer behavior is because recent developments attributed to globalization have resulted in increased global competition, as well as a drastic drift in consumer needs and expectations.
Organizations also now have to address emerging concerns over the environmental protection, and development of more stringent policies aimed at protecting consumers. The 21st century has also witnessed a rapid increase in technological innovation, a development that has transformed the way business is done.
Marketers are hence compelled to undertake comprehensive research on how to effectively employ new technological developments in developing and marketing products that meet rapidly evolving consumer needs and expectations.
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