CONSUMER MARKETING FEATURES AND IMPORTANCE - MARKETING MANAGEMENT

CONSUMER MARKETING FEATURES AND IMPORTANCE

BY

SMART LEARNING WAY 

CONTENTS

Importance

Features

Conclusion

Bibliography

CONSUMER MARKETING IMPORTANCE

In today’s business environment, consumers have a strong voice in shaping products and services being offered in the market. A far cry from the Industrial and post-industrial era, where products and services were offered based on what the manufacturers 

believe they could sell and not entirely on what customers needed.
 

Consumers market research is a most important tool for brand direction setting and on strategic marketing planning. Consumer market research captures what consumers like or dislike about certain brands. It reveals consumers’ perceptions toward a product or service category.

Marketers today do not stop at just documenting evidence of what they already know but dig deeper and use consumer research to dredge more consumer insights that can be the basis of a new marketing campaign.

The only way to sustain growth and ride higher with competitors is to remain knowledgeable about the consumers market, which can only be best served through sustained consumer market research.

Common features of consumer behavior

1. Other people's behavior matters

2. Habits are important

3. People are motivated to 'do the right thing'

4. People's self-expectations influence how they behave

5. People are loss-averse 

6. People are bad at computation 

7. People need to feel involved and effective to make a change

Other people’s behaviour matters: 

people do many things by observing others and copying; people are encouraged to continue to do things when they feel other people approve of their behaviour.

Habits are important: people do many things without consciously thinking about them. These habits are hard to change – even though people might want to change their behaviour, it is not easy for them.

People are motivated to ‘do the right thing’: 

There are cases where money is de-motivating as it undermines people’s intrinsic motivation, for example, you would quickly stop inviting friends to dinner if they insisted on paying you.

People’s self-expectations influence how they behave: 

They want their actions to be in line with their values and their commitments.

People are loss-averse and hang on to what they consider ‘theirs’.

People are bad at computation when making decisions: 

They put undue weight on recent events and too little on far-off ones; they cannot calculate probabilities well and worry too much about unlikely events; and they are strongly influenced by how the problem/information is presented to them.

People need to feel involved and effective to make a change: 

Just giving people the incentives and information is not necessarily enough.

CONCLUSION

THE term ‘Marketing’ is used as a process of selling Product. In the first sense, Marketing is interpreted as a process of  understand consumer behavior and supply there requirement. It is also use full for motivated consumer for purchasing some new product.

BIBLIOGRAPHY

·        CONSUMER BEHAVIOR:
 John C. Mowen &
Michael S. Minor

·        MARKETING MANAGEMENT

Philips Kotler

·        Consumer Behaviour : A European Perspective        

 Antonides, G. and Raaij, W.F. van.