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Faculty of Business, Environment and Society Table of Contents Introduction 3 Discussion 4 Consumer Behaviour 4 Importance of Consumer Behaviours in Marketing 4 The Cognitive Approach 6 The Behaviourist Approach 7 The Utility Theory 7 Economic Man Theory 8 Psychodynamic Approach 9 Psychoanalytic Theory 9 Trait Theory 11 Theoretical Explanation 11 Conclusion and Recommendations 13 References 15 Bibliography 16 Introduction Consumer behaviours play a major role in the success of a product which leads to the further progress of the organisation…
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Consumer behavior: definition, importance, theoretical explanation
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Download file to see previous pages Subsequently, various theories have been developed towards enhancing the understanding of consumer behaviour in terms of their purchase decisions. For instance, the ‘Utility Theory’ is one of the common theories which states that the behavioural traits of the customers are significantly based on the results that they expect from their buying decisions. This theory considers the consumers to be a ‘rational decision maker’ who are solely concerned with their self interests. Apart from the utility theory, there are several other approaches to understand the behavioural pattern of customers (Bray, 2012). The objective of this paper will be thus, to evaluate the effectiveness of the marketing strategy adopted by Mr. Kipling by utilising the various theories of consumer behaviour. The “Premier Foods” which is owned by Mr. Kipling has introduced a new marketing strategy with the objective to increase its sales volume by attracting new consumer groups. This strategy involves the distribution of free cakes from different outlets. It has also been decided that the outlets would be scented and at the touch of a button, the posters will release the aroma of the cakes to lure the customers towards the shops. These initiatives have been taken with a view to facilitate in attracting the customers and persuading them to buy the offered products. Discussion Consumer Behaviour The conception of consumer behaviour indicates the behavioural characteristics that individuals demonstrate while searching products for purchasing and utilising those which they expect to provide utmost satisfaction. Consumer behaviour fundamentally aims towards understanding the decision making procedure of the individuals while expending their available resources on consumer products and/or services. It includes the evaluation of the products demanded, features of the products, need to consume the products and quantity consumed (Onwe, 2008). Importance of Consumer Behaviours in Marketing It is quite important to analyse and understand consumers’ behavioural traits in order to plan an effective marketing strategic alliance. The marketing initiatives taken by the companies are mainly focused on attracting the customers. This can be done by influencing their behavioural patterns. Contextually, in order to influence the behaviour of the customers, it is quite necessary to understand the consumers’ perceptions. It helps is identifying the motivational determinants of an individual’s behaviour. Consumer behaviours act essentially in forming the marketing policies owing to the reason that it facilitates in the determination of the most efficient tools with the intention to persuade the behaviours of individuals. It also provides the basis for implementing the available tools in the most profitable and efficient way. Notably, the need for understanding and persuading the consumers behavioural traits have been identified long ago by the commercial sectors (European Commission, 2012). The understanding of the consumer behaviour is often regarded as a crucial aspect from the viewpoint of marketing. It facilitates the business organisations to deliver their products effectively in the market as the knowledge of consumer behav ...Download file to see next pagesRead More
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