The paper "Consumer Decision-Making Challenges" is an outstanding example of marketing coursework. Consumer behaviour refers to the behaviour displayed by the consumers when they are searching for, purchasing when using when evaluating and even when they are disposing of the products and services which they expected to satisfy their own needs. There are various types of consumers like for instance personal consumers are those people who buy either goods or services for their personal consumption or for the use of the household or even as gifts for friends. Examples of such goods and services include music, food and clothing.
On the other hand, organizational consumers are those ones who purchase equipment, products and services to make their own organizations operational like for instance the Government Agencies who purchase office products. Understanding consumer behaviour is vital because it helps marketers to change the product life cycles, alter environmental concerns and views and change public policy and consumer protection. Consumer behaviour is also important because it helps to ascertain the growing role of non-profit marketing, services marketing and the role of global marketing (Schiffman, et al, 2013). Consumers are actual the purpose and the cause of all marketing and production activities.
Consumer behaviour is, therefore, the studying of when, why, where and how individuals buy or do not buy a given product. The study of consumer behaviour is therefore based on the buying behaviour of the consumers with the client known to play three distinct roles of the buyer, payer and the user. In addition to that, Consumer behaviour is known to ascertain the profitability of a given firm, which is also further, established into a loyal client.
Indeed, it is true that firms, which actually develop a fuller comprehension of consumers, will be in a better position to establish better marketing strategies, which will meet their own specific needs. Consumer behaviour has been known to blend elements from social anthropology, psychology and economics and indeed, research has further shown that it is actually difficult to predict the behaviour of the consumers (Noel, 2009). From the marketing viewpoint, comprehension of consumer behaviour is actually vital to the delivery of a company’ s offering successfully in the market place.
CB involves Market Opportunity Analysis, which involves the examination of conditions and trends in the market place in order to identify the needs of consumers and the wants, which are not being satisfied. Target market selection involves the identification of distinct consumer groupings that have numerous wants and needs that are unique and thus the ultimate selection of segments, which matches a company’ s strength in order to present better opportunities. Marketing mix determination, on the other hand, involves the development and implementation of a strategy that is aimed at delivering an efficient combination of the want-satisfying characteristics to various consumers within the market that is targeted.
On the other hand, the marketing strategy is used in consumer behaviour in order to better understand various activities involved in strategic marketing. This is due to the fact that marketing tactics and strategies are really based on either implicit or explicit beliefs regarding consumer behaviour.
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