Essay about Consumer Behavior

37125 Words Apr 22nd, 2014 149 Pages
CONSUMER BEHAVIOR

PART ONE CONSUMER BEHAVIOR
INTRODUCTION As the twentieth century has come to a close and we have moved into the third millennium, we can see many developments and changes taking place around us with all the industries and firms within each industry trying to keep pace with the changes and diverse needs of the people. Though for decades together, marketers have regarded ‘customer’ as the king and evolved all activities to satisfy this concept is gaining more momentum and importance today. This can largely be attributed to the prevailing market situation. Not only competition has become intense but over an above with the market being flooded with many products. The challenge before the marketers is to understand the
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2. Consumers have access to more information than ever before. Consumers can easily find reviews for products they are considering buying that have been posted by previous buyers, click a button to compare the features of different product models at the sites of online retailers and subscribe to “virtual communities” of persons who share the same interests they do. 3. Marketers can offer more services and products than ever before. The digitalization and services they are selling and still sell them at reasonable prices. It also allows marketers to customize the promotional message directed at many customers. 4. The exchange between marketers and customers is increasingly interactive and instantaneous. Traditional advertising is a one-way street where the marketer pays a large sum of money to reach a large number of potential buyers via a mass medium, and then assesses whether or not the message was effective via future sales or market studies. On the other

hand, digital communication enables a two-way interactive exchange in which consumers can instantly react to the marketer’s message by, say, clicking, on links within a given website or even by leaving the site. Thus marketers can quickly gauge the effectiveness of their promotional messages rather

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