The Role of Marketers - Term Paper Example

Type your name Your Id Unit Code & name Lecturer name Due date Table of Contents Executive Summary 3 1.0 Introduction 4 2.0 Reason for particular Marketing Response to Consumer Behavior 4 3.0 Marketers Response to Consumer Behavior 5 4.0 Portfolio Analysis & Market Product Analysis 6 5.0 Recommendations 6 6.0 References 8 Executive Summary The role of marketers has increased as understanding human behavior has become a complicated process. Marketers need to understand the wants of the consumer by understanding their behavior as human behavior is irrational and based on the understanding should look to sell the products. This will help to enhance customer satisfaction and will multiply the opportunity of satisfying their needs. Marketers should pass every information pertaining to consumer behavior to the production department and the management. This will help to make changes or alterations in the product and will help to develop products according to the wants of the consumer. Marketers should look to use different tools to understand the product strength and future outlook. This will help to develop the required infrastructure through which customer satisfaction increases. 1.0 Introduction The changing business environment has made it mandatory that marketers find out strategies through which consumer behavior can be understood and mechanism developed to meet the increasing consumer needs. This report looks to present the underlying reasons which increase the importance of understanding consumer behavior for the marketers. Based on the reasons strategies are developed which will help marketers in their endeavor and help to increase consumer satisfaction. Finally, the report looks into portfolio and marker product analysis so that recommendations based on it can be provided which will guide the marketers in accomplishing their goals. 2.0 Reason for particular Marketing Response to Consumer Behavior Consumer behavior helps to understand the different factors or variables which have an influence on the consumer decision making process so that the marketers based on it can develop their strategies (Firoziyan, Hasangoli & Stiri, 2009). Developing strategies by understanding consumer behavior reduces risk and increases the chances of achieving the organizational goals. The different reasons attributed towards understanding consumer behavior are Firstly, human behavior is irrational and predicting the same human behavior at all time is difficult. Marketers thereby tend to understand human behavior so that they are able to understand the needs and requirements of the consumers. Based on their needs the marketers can develop marketing strategies which will help to attract customers and increase the chances of having a pool of loyal customers (Clemons, 2008). Secondly, understanding consumer behavior helps the marketers to pass on the information to the production department. The production department based on the feedback provided by the marketers can modify or make some changes in their offerings (Clemons, 2008). This will help to enhance consumer satisfaction and will have an impact on the long term future of the organization. Thirdly, understanding consumer behavior ensures that the efforts are not directed in a wrong direction. This helps to use the resources in the correct direction and thereby increases the relevance of decision making as resources are used in the most effective manner (Clemons, 2008). 3.0 Marketers Response to Consumer Behavior The role of marketers increases as they come in direct contact with the consumer so have to develop a mechanism through which the consumer behavior is properly understood. This will help to use different strategies to attract customers and will have relevance on the performance of the organization. The different techniques which the marketers can use are Firstly, the marketers can observe the attitude, behavior, factors affecting the decision making process of a consumer and can understand those. This will help the marketers to develop strategies where different ways are used to attract customers based on the group the customers is with, the mood or other external factors which has an influence on decision making (McDermott, 2013). Secondly, understanding consumer behavior helps the marketers to pass on the information to the production department. The production department based on the feedback provided by the marketers can modify or make some changes in their offerings (McDermott, 2013). This will help to enhance consumer satisfaction and will have an impact on the long term future of the organization. Thirdly, marketers can pass on relevant information to the management based on which the resources will be allocated and will help to use the resources in the most efficient manner (McDermott, 2013). This will also help to determine the resources which will be required and help to plan accordingly so that the goal can be achieved 4.0 Portfolio Analysis & Market Product Analysis Organization to ensure long term success of the business uses different tools so that they are able to target the correct section of the society and improve their business. This has been determined below Portfolio Analysis is determining the mix of different products or services which are being offered to make profits. Portfolio analysis helps a marketer as having a range of products or services ensures that the marketer is able to lure the customer by offering different products or services (Gaspar & Shepherd, 2011). This will help the marketer to also understand the positioning that the product will have and using the BCG Matrix along with it will help to understand the potential of the product. Market-Product Analysis is determining the different markets in which different products will sell. Marketers through this approach will understand the requirements of the markets and will thereby ensure that they focus on that particular product and look to satisfy the customers by offering the correct product (Gaspar & Shepherd, 2011). The entire process will help to indentify and determine the product which will be determined in different markets thereby helping to understand the target segment of customers which will help to develop marketing strategies accordingly. 5.0 Recommendations Marketers need to understand the wants of the consumer by understanding their behavior as human behavior is irrational and based on the understanding should look to sell the products. This will help to enhance customer satisfaction and will multiply the opportunity of satisfying their needs (Firoziyan, Hasangoli & Stiri, 2009) Marketers should pass every information pertaining to consumer behavior to the production department and the management. This will help to make changes or alterations in the product and will help to develop products according to the wants of the consumer. Marketers should look to use different tools to understand the product strength and future outlook. This will provide a direction to the entire business. This is required as the marketers come in contact with the customers so providing corrective feedback based on it will help to increase the chances of providing the correct product to the customers. 6.0 References Clemons, EK. 2008, ‘How information changes consumer behaviour and how consumer behaviour determines corporate strategy’, Journal of management information systems, Fall, 25 (2), 13 -40. Academic Search Complete (AN 34879420). Firoziyan, M., Hasangoli, T. & Stiri, M. 2009. Investigation of the effectiveness of the services on different processes affecting consumer decision. Commercial Management Magazine, 1 (3), 125-146. Gaspar, M & Shepherd, M 2011, Guide to assignment writing and referencing, 4th edn, Deakin University, Geelong, Vic. McDermott, J 2013, ‘Blackberry is no longer just for the suits’, Advertising Age, Feb. 11, 84 (6), 20. Academic Search Complete (AN 34879420). Read More