Explain a Marketing concept for MKGT 3000 - Essay Example

Marketing is one of the most important aspects of a business that greatly facilitates in creating a niche position in the market. Kotler and Armstrong (2009) have broadly defined marketing as meeting the needs of people profitably. It helps to meet the changing needs and requirements of people through goods and services produced by the businesses. Thus, people become the most vital factor in developing market strategies. In competitive environment of global business, it becomes very important for businesses to study in advance the various factors that influence the buying decisions of the consumers.

We would be discussing few major factors that significantly impact purchase behavior and consumption pattern of the products that are used in marketing a product. Customers’ purchase behavior is quite complex because it is intensely influenced by socio-economic and psychological paradigms. It is true that consumers purchase products only when they perceive the need for it. But at the same time, the need could have triggered either by advertisement or by observing other people which could lead to the purchase of the product.

Various factors like price, buying value, consumption value and after sales performance add credibility to the purchase. If customer is satisfied, the organizations are not only able to retain them but they are also liable to get new ones through word of mouth publicity that greatly establishes their market credibility. Arnould et al (2004) assert that consumer behavior is also motivated by desired goal that is need based. Products that are bought mainly as a lifestyle statement are prompted by motivated goals.

Luxury brands and trend setting goods are major indicators of changing lifestyle pattern that people are ready to adopt to keep up with the times. People are prone to adopt new lifestyle that reflects that changing socio-economic status in society. It also reveals their new value system, tastes and indeed changing preferences. Interestingly, the motivated goals have become critical elements in purchase behavior because it shows how determined people have become to adopt themselves to the changing environment.

Ennis (2009) considers that culture is a strong element in the buying behavior as it influences the way a person responds to the changing lifestyle leading to the pattern of consumption of products and services. This also indicates that person who controls the finances also influences the purchase decision of one who would actually be consuming it. Social class that is focused on segmented market helps create niche market position for products. At the same time, social consciousness has emerged as necessary element that influences buying decisions.

In the current times, environment conservation and preservation has become vital issues and therefore consumers are more inclined to buy products that are produced through ethical and sustainable business practices. Green products like BodyShop cosmetics are prime examples of goods that endorse products made from sustainable sources. It ensures that cruelty to animal and deforestation are not part of business practices. Its supply chain ensures that its business partners also support sustainable development practices.

Thus, one can conclude that analysis of consumer behavior is important concept in market strategies exploits human needs to improve business outcome. (words: 520) Reference Arnould, Eric & Price, Linda & Zinkhan, George., Consumers. 2nd Edition. United States: McGraw-Hill, 2004. Ennis, Sean. Marketing Management. University of Strathclyde Business School, 2009. Kotler, Philips and Armstrong, Gary., Principles of Marketing. 13th ed. New Jersey: Pearson Prentice Hall, 2009.