Consumer Behavior and Marketing Implications - Coursework Example

In marketing, businesses always need to acquit themselves with certain information from their consumers including their locations, what they want, as well as who their real consumers are. Changes in consumer behaviors always make businesses conduct thorough research, as well as, surveys in order to know what the consumers want. For example, in case they fail to satisfy the changing consumer interests and needs, marketing of such products may be compromised and can easily fail. As such, businesses always conduct surveys and research through sales forecasts, internet research, as well as, market sensing (Dietrich and Media, 2015). This gives them a competitive advantage in the marketing spectrum as they deeply understand the needs of their customers, failure to which, can lead to the failure of the companies.

3. How does the economy of the US affect the issue?

It is important to note that the issue of consumer behavior is also affected by the economy of the United States in certain ways. For instance, if the economy strengthens, consumer demands and tastes increase (Rao, 2010). However, if the economy faces some crises, the consumers also feel these economic crises, thereby limiting their consumption demands.

4. How does the legislation affect the issue?

It is of critical significance to note that changes in consumer behavior are not influenced by any legislation. This is because consumer behaviors are majorly dictated by their own personal interests, tastes, and preferences. As such, it is important to note that consumer behavior can affect the market in various ways.

1. What is your personal opinion on the issue?

According to my opinion, consumer behavior always controls the markets in various ways. as such, the changes in consumer behavior can always make some companies experience big losses if they do not devise effective marketing strategies to approach the situations occasioned by the changes in consumer behaviors. Therefore, it is always prudent that companies conduct regular surveys, as well as research on how to best satisfy the needs and demands of their consumers. This is important for such companies to remain economically relevant and competitive in the world marketing fronts.