Marketing- Analyzing Buying Behavior - Essay Example

1) The proposal for new “eco-friendly” product given by Joshua Edwards can be examined under the consumer buying patterns as shared by Kotler and Armstrong. It must be noted that any product will not sell itself unless consumer find it that this product is solving some or at least one of their needs. However, as Matthews concluded that people rank “eco-friendliness” as secondary process in their buying process, therefore it might not influence consumers into buying our product and we may not achieve our target of increasing sale.

However, demand for “eco-friendly” product can be created through informative advertising by telling consumers the hazards of using the product that are not made for the wellbeing of the environment. Another danger in the proposal is the pricing of the new product which will be charged 150% more than the current price. However, if the consumer perceives that the product is not doing a better job than their conventional products, then once again our marketing proposal could lose out. Hence, careful pricing needs to be done to see if it is consistent with the benefits that it promises to render.

The increase in the availability of the product in various retail outlets will be very beneficial for the business and this could increase our sales and profits and we can try to increase retailing outlets for even our conventional products.2)Commercial products are often sold to different organizations once a problem is recognized by these institutions. As far as the anti-bacterial is concerned we should go with the plan. The reason behind this is that currently there is no competitor in the market and we can afford to charge high prices without losing any customers.

We can therefore squeeze the maximum revenue from the market until new competition arises in the market of anti-bacterial cleaners. The consumers in this market have no opportunity for supplier search and we can squeeze the total market sales from our production. Neither will they need any proposal solicitation nor will they be reviewing our performance as there be no benchmark in the market. Thus we can go in the market to meet our objectives. Similarly, we can also repackage the wax product due its distinct features in the market and command high prices.

This again will be a success due to lack of any similar product in the market. Therefore, we can trust Rena and immediately implement the plans as proposed by her to meet our marketing objectives.3)This exercise provided us with knowledge that businesses can produce a product and expect it to sell well on its own. All the products needs to fulfill the various stages of consumer and business buying processes before which we can safely say that our product will sell well. The main thing that we learned here is that a lot of market research is needed to find out whether or not a new product is demanded, the level of competition and other factors before we can launch the product.4)The main concept that this exercise is demonstrating is the fact not all products can sell well on the virtue of their presence in the market.

They need to fulfill the demands of the potential consumers and excellent marketing strategies and integrated marketing mix are needed for the success of the product.