Consumer behavior - Assignment Example

Consumer behavior due: Consumer Behavior Consumer behavior can be measured through thepurchase sequence. Most commonly used is the scanner cable method which gets information about the buyer almost all stages of the purchase sequence. Using this information, the system can help managers know the effectiveness of their strategies, easily establish baseline data and identify opportunities and threats in the market (Peter & Olson, 1999). An alternative method would be to conduct an actual market research to get first-hand information from the consumers about their view concerning the product specifications, marketing strategies and any suggested improvements if any.

Using the system has got many advantages over conducting a market research. First, it can collect data from a vast sample of shoppers thus increasing the reliability of the information as compared to the market research which only uses a small sample to represent the entire population. It is also cheap since getting this amount of information through market research can prove to be very expensive, especially when one needs to establish baseline data. Using the system also eliminates bias encountered during collection and entry of data.

However, an actual market research is more applicable when looking for information before introducing a new product into the market since it can be based on the emotions and realities of the consumers’ lives and hence have greater chance of success (Pan, Пан & Пан, 2008).Marketing strategies can also be evaluated before implementation. This is important as it helps a firm to increase the possibilities of success of the strategy (James, 2013) thus avoiding huge losses that may be incurred through failure of a marketing strategy.

A successful marketing strategy is one which is measurable, clearly articulated, achievable and actionable (James, 2013).ReferencesJames, G. (2013, March 19). How to Evaluate a Market Strategy. Inc.com. Retrieved October 22, 2014, from http://www.inc.com/geoffrey-james/how-to-evaluate-a-market- strategy.htmlPan, L., Пан, Л., & Пан, Л. (2008). Consumer behaviour as strategic factor of brand management.Peter, J. P., & Olson, J. C. (1999). Consumer behavior and marketing strategy. Irwin- McGraw-Hill series in marketing.