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Consumer behavior and pruchasing decisions - Essay Example

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Consumer behavior and purchasing decisions Name: Course: Lecturer: Date: Introduction In the business spectrum, the business people survive through their capacity to develop products that align to the expectation of their customers all over the world (Trocchia & Luckett, 2013, p…
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Consumer behavior and pruchasing decisions
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Download file to see previous pages It is only through this manner that the understanding between the business world and the consumer can transform into a profitable venture. Customers need the business world to understand them and avail to them what they want. On the other hand, the players in the business world need the resources that the consumer has in order to turn in a profit. Hence the concept of understanding the marketing stimuli is a mutually beneficial affair. This paper then discusses this concept through an analysis of the marketing dynamics and the marketing stimuli in the need to anticipate and fulfill the customer’s expectations and wants. In so doing, the paper will examine several elements under this concept which includes an explanation of how an understanding of consumer behaviour reduces decision risk for marketers in the definition of target markets and the design of marketing mixes, the analysis of the consumer decision making process, the understanding of how consumers evaluate the goods and services they buy and consume, the consumer involvement and types of buying decisions that these consumers make, the cultural factors that influence purchase decisions, the social factors and purchase decisions and the individual psychological factors influencing the purchase decisions. ...
Marketing mix and stimuli defined Marketing mix is a concept widely applied in the world of business to ensure that the products that are delivered to the customers fit the four basic dynamics of place, price, product and promotion. Marketing stimuli takes a look into the four elements as have been analysed in the marketing mix too. However, the marketing stimuli goes further to address other elements namely economic, technological, political, cultural as well as competitive element. For a product to be attractive to the customers, it must be selling at a price that appeals to the specific target of consumers, it must be made available where and when it is needed and a certain degrees of promotion of the product must have been carried out. However, it is important to note that other factors also influence the manner in which the marketing is conducted out. The marketing stimuli as named above clearly shows that the marketing dynamics could also be affected by other external forces. The economic aspect is one of them. If the economy of a country is doing well, then that particular country becomes a target for many marketers and many business people. Technological forces may also affect the marketing stimuli. Without the knowledge and subsequent employment of technology in such a manner that allows for the production of goods in an optimal capacity, there is a challenge of producing products that fit with the consumer’s expectations. The other factors namely political, technological, cultural and even competitive also contribute towards the market stimulation or otherwise. The coca cola brand; brief introduction Coca cola is worldwide recognized brand. They are the makers of the ...Download file to see next pagesRead More
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