The paper "Consumer Behavior in the Realization of a Business" is an outstanding example of marketing coursework. The report focuses on the critical role of consumer behavior in the realization of a business or industry success or failure. In addressing this, the report has arguably applied various consumer behavior models. Introduction Critical analysis of consumer behavior plays a pivotal role in the realization of a business industry success. In light of this, therefore; this marketing report seeks to understand the varying impacts that consumer behaviour has on a business atmosphere or industry situation. This is because the study of consumer behavior helps organizations or business entities plan amicably on successful marketing strategies.
In light of this, thus; consumer behavior (Tyagi and Kumar, 2004:45) studies individuals or groups of the people selection process of goods and services and the ultimate impacts of those processes on the consumer and society in general. Consumer behavior gears towards the comprehension of a buyer’ s decision-making process. For example, it highlights the reasons that made a person buy a certain company’ s product and not the other. Tyagi and Kumar (2004: 48) further assert that such decisions are driven by preferences, individual income, influences from family, society and friends among others.
A working-class individual may opt to buy a Mercedes Benz automobile in order to fit into his/her workmates class. In light of this, marketers take this into consideration when deciding on prices, content composition and distribution patterns. In a classical example, marketers upon the realization that a certain geographical location is inhibited by middle-income earners can opt to distribute pocket-friendly products in a bid to woo consumers to their side.
Moreover, they may reduce prices in a bid to outshine their competitors whose products are largely bought by the consumers. This helps in shaping consumer behavior patterns since many individuals might change product allegiance and loyalty to fit their standards. Analysis of a Business article: Men’ s hobbies: cheap but exclusive brands in demand by Alina Lisina The article points out the various mitigating factors put into consideration to amicably ensure that businesses thrive during harsh economic times. This is realized through the study of consumer behavior and subsequent retention of the consumers.
Effective analysis of consumer behavior enhances the realization of top-cream marketing strategies to boost business productivity. For instance, the introduction of promotions such as buy one get one free is an efficient policy to increase sales and also build consumer behavior towards a certain product; quality and quantity constant. Lisina (2011) points out that metamorphosis in consumer behavior would be a great impediment in the attainment of profits in an economic harsh situation. She asserts that harsh economic situations arguably affected the buying patterns of customers with only the basic commodities being purchased with a critical look at cheap products. “ However, consumer behavior in this segment has changed- people choose cheaper products and buy only things they really need” (1). According to Lisina (2011) sports shops, for instance, to address issues of consumer behavior have turned to the provision of numerous brands for selection by the consumers.
However, although the consumer numbers remain constant, the selection is primarily on basic necessities coupled with cheap prices in the market thus prompting a reduction in profit margins of a commodity. Furthermore, Lisina’ s article ascertains that the cheaper the products the higher their demand.
She postulates that cheaper products attract consumers as opposed to expensive products. Change in consumer decision making is triggered by engaging in public roadshows and increased media publicity aimed at enabling behavior metamorphosis to end-product users. Although she affirms the importance of broadcast and print advertising, she articulates that the provision of quality brands at affordable prices as a gateway for enhancement of consumer behavior. The use of media is advantageous owing to their reach-effectiveness. Research has shown that almost all households are proximate to a media outlet.
In this regard, consumer behavior, through its’ stimulus model creates a center of attention on the transformation mechanism of purchasing trends. To effectively nourish the needs of consumers, many fish industry players are resulting in the stipulation of client-oriented products.
List of References
Kitchen, P, J and Proctor, T. (2001). The informed student guide to marketing,
London, UK: Thomson
Lisina, A. (2011). Men’s hobbies: Cheap but exclusive brands in demand, The Baltic Times, retrieved on April 18, 2011 from http://www.baltictimes.com/news/articles/28467/
Tyagi, C, L, and Kumar, A. (2004). Consumer Behavior, New Delhi, India: Atlantic Publishers