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Why Consumer Behavior Is Considered by Some Marketers as a Key Constituent of Strategic Marketing - Case Study Example

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The case study examples presented in the paper "Why Consumer Behavior Is Considered by Some Marketers as a Key Constituent of Strategic Marketing" represents a look at two highly successful companies, one which did not anticipate emerging economic, market and consumer changes and trends, whilst another did…
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Extract of sample "Why Consumer Behavior Is Considered by Some Marketers as a Key Constituent of Strategic Marketing"

Download file to see previous pages Defining strategic marketing entails the fact that there are two distinct terms involved, strategic as well as marketing. Marketing in this context is most often thought of as being represented by the Four Ps, 1. Product, 2. Place, 3. Promotion, and 4. Price (Rogers, 2001). From the standpoint of the focus of this examination strategic objectives of a company represents using the aforementioned information and inputs as gleaned from research, records, surveys, and studies to craft the composition and types of marketing plans and combinations thereof that will effectively catch consumer interest and induce purchase (Bradley, 2003). The purpose of strategic marketing is to enhance the performance of a company through improved and more effective marketing that not only reaches its best target audiences but also converts these prospects into sales (Bradley, 2003). As such, strategic marketing is a highly cooperative and collaborative method that utilizes and brings together the various elements collected from all input points that go into the crafting of marketing efforts as a means to identify the most effective and efficient methods that should be implemented for results (Bradley, 2003). The second phrase that is central to this examination, and thus needs definition as well as clarification is consumer behavior. Simply put, consumer behavior represents the “Consumer decision making processes in purchasing and using goods and services” (YourDictionary.com, 2010). The preceding includes facets such as sociology, economics, psychology as well as what is termed as social anthropology (Bagozzi et al. 2002). The process of evaluating and understanding consumer behavior takes in a broad range of disciplines that are evaluated based on the end product or service as well as competing brands as a means to draw on all possible and or potential input and information sources (Antonides and Van Raaij, 1999). It also seeks to understand the why of the wants of individuals and the varied external influences that act upon them as represented by family members, friends, associates, trends, society and the media (Antonides and Van Raaij, 1999). In order to fit the foregoing into the context of business, one needs to understand that enterprises exist to fill a need and generate a profit. The preceding was aptly stated by Peter Drucker (1993, P. 42) in that “Business exists to supply goods and services to customers, rather than to supply jobs to workers and managers, or even dividends to stockholders”. The age-old adage “Nothing happens until something is sold” (Johnson, 2009) describes the business process that begins with customers accepting and purchasing a product that is the culmination of all the planning with regard to product design, manufacturing, distribution, and marketing to result in a sale. Thus, the core of generating sales and revenues reverts back to the exactness and strategic planning processes employed and used, along with the knowledge of consumer behavior and why they purchase. The preceding thus provides the rationale as to why the investigation of consumer behavior and strategic marketing are important subjects. ...Download file to see next pagesRead More
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