Four Factors Influencing Consumer Behavior

Decent Essays
A business requires strategic and competent measures to address challenges and issues impinging on customers to survive stiff competition from other potential organizations through effective marketing. Pricing and marketing information affect customer’s behavior. Other challenges in marketing include the application of old strategies, outsourcing problems, ethical challenges, promotions and services or goods quality. Businesses should thus be dynamic and utilize any information from clients to navigate the business towards the achievement of its goals. Scholars look at marketing as the process of planning and execution of conceptions, prices, promotion of ideas and goods that satisfy organizational and individual goals. There is great connectedness between consumer behaviors and marketing strategies and how this can affect a company or business.
The 4 factors influencing consumer behavior article overview The article focuses on exhibiting the factors affecting consumer’s behavior during the marketing process. Notably, the various factors affection consumer behavior results to marketing challenges. The article is well detailed with customers reactions, customer motivation skills, factors that influence customers purchasing desire, the
…show more content…
In other words, a firm must ensure direct marketing is applied as a strategy to increase sales and eventually profitability as well as goal and target achievement. Most businesses have abused direct marketing techniques due to poor integration of tactics. Direct marketing involves communication in a transaction where buyers and sellers interact on a face to face basis. The major direct marketing avenues are the usage of telephones, online marketing and direct mailing and

Related Documents

  • Decent Essays

    The questions – what, where, when and how customers buy must be examined by the marketing team of an organization. The buyer’s reaction to these products/services has an impact on the success of the organization. Importance of understanding buyer behaviour: Understanding the buyer behaviour is important for any organization for the successful running of their business. It’s useful in developing ways for efficient utilization of the organization’s resources. Keeping up with this pace of the consumer’s habits and behaviour will make the marketers understand the kind of product they can launch that will satisfy the consumers.…

    • 1380 Words
    • 6 Pages
    Decent Essays
  • Decent Essays

    Big Data Analytics

    • 972 Words
    • 4 Pages

    by understanding the shopping behaviour of customers, marketers can conclude what interests their customers and help them to develop strategies to personalize their shopping experience which in turn enhances the customer engagement process. Big data also acts as a corrective measure. It can help address the existing marketing flaws. It can tell marketers about the avenues that can be explored, directions which their brand has not been able to cater to. It also enables marketers to realize the inadequacies of their marketing strategies and the new directions which can be explored for the fulfilment of their campaign which makes their customers connect with the…

    • 972 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    CRM therefore manages the customer relationships by creating a clear understanding of the market (Know), by developing services and products based on the added value for target groups (Target), then enabling the actual sale and delivery of services and products via a portfolio of channels (Sell) and finally developing long-term profitable relationships with after sales services (Service). The relationship is developed with strategically significant customers, and hence necessary for the organization to determine the nature of this significance. Traditionally, this has been done by determining the value of the customer to the organization, but other criteria that can be used include whether a customer serves as a benchmark for other customers or whether the customer inspires change in the supplier. However, under certain circumstances CRM may result in the termination of relationships. It has not worked out that well in practice as many large companies sometimes spend huge amounts of money on CRM systems only to find disappointing results.…

    • 731 Words
    • 3 Pages
    Decent Essays
  • Decent Essays

    A positioning statement communicates the parameters of the company’s position to a number of different audiences. Position statement includes the target segment as well as the unique selling point, which is the company’s competitive advantage. Marketers have to state who they are trying to persuade, who they are competing with, and how they are better than the competition. The positioning statements according the author, is “a basic guiding principle in all their collective decisions, so as to enhance the likelihood of consistencies in the results of those decisions” (pg. 63, Iacobucci), positioning statement is a memorandum of company information needed as a way to fix problems and create new ways to improve segments.…

    • 810 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    “Although every customer is unique, salespeople need an understanding of the important social and psychological influences that tend to shape customers’ buying decisions” (Manning et. al, 2014, p. 161). Knowing why customers buy your products is very important. A seller needs to identify the needs, influences, and motives of their customers to make sure they suggest or present a product to their customer that adds value and meets their needs. Whether they’re buying a product because of an influence, perceived need or emotion and rationality, it’s important for us as sellers to adapt to those motives, whether they are a consumer or business buyer so can suggest a product that will fit their behavior, and provide the most value possible.…

    • 723 Words
    • 3 Pages
    Decent Essays
  • Decent Essays

    Marketing research is the systematic collection of information on existing and exponential markets for analysis and consequent action. (Marketing9.com, 2012) Marketing Research is the process of checking all aspects of a business environment. Marketing research can help determine economic trends and market demand for new or existing markets. Marketing research can also help find potential opportunities or threats to a company or product. To sustain in a competitive market place, marketing research is very important.…

    • 732 Words
    • 3 Pages
    Decent Essays
  • Decent Essays

    Marketing and the Diverse Factors that Influence It When I think of marketing I think of commercials, newspaper ads, even social media ads, but what is marketing. Marketing is the management process through which goods and services move from concept to the customer. It is also an organizational function with a set of processes for creating, communicating, and delivering values to the consumer (“What is marketing? Definition and meaning,” 2015). Managing customer relationships in ways that benefit the organization and its shareholders are also a part of marketing.…

    • 905 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    This means that the active collaboration between the buyers and the supplier is crucial due to the fact that their needs are very specific depending on products or services. The Purchasing and Supply Management (PSM) importance lies in the direct impact it has on the firm’s profitability. This management goes beyond the mere cost factor due to the fact that companies like Hewlett Packard (HP) are dependent on their suppliers for the quality of their product, but also on their performance that directly affects their own products. An effective PSM strategy will be based on how a company has defined and set limits related to internal capacity and alignment of the procurement strategy with the core strategy of the business. By doing this, it will enable them to improve optimization of the supply base resources, in other words, improve the Value for…

    • 1037 Words
    • 5 Pages
    Decent Essays
  • Decent Essays

    According to (Quester, Pettigrew, Kopanidis, Rao Hill, & Hawkins, 2014) there are two sources of information that influence consumer behaviour. The Internal search uses information from memory and external search is used when the internal memory does not reach a solution (Quester, Pettigrew, Kopanidis, Rao Hill, & Hawkins, 2014, p. 92). Therefore, information from external sources such as opinions from friends and family, product brochures or sales staff is pursued to help solve the problem. This is important for marketers because when consumers conduct internal information search they have a set of brands of which they are aware. It is in the organisations best interest for its brands to be the preferred brand rather than the avoided brand.…

    • 1798 Words
    • 8 Pages
    Decent Essays
  • Decent Essays

    However to ensure your marketing plan is successful, it is essential for a business to take a customer view across the marketing mix. Whether it is products, or pricing, distribution or communications, consumers can provide important information to feed into the strategic decision making process. The most common way to gather this information is through consumer surveys or focus groups. Through market research consumers can tell you which products they find appealing and why. They can provide an indication…

    • 766 Words
    • 4 Pages
    Decent Essays

Related Topics