What is Consumer Behavior in Marketing and Why Is it Important?
Target markets are specific market segments that businesses identify as being more likely to buy Relationship Between Consumer Behavior & Target Markets. Hypothetical Impact of the Program on the Behavior of the Test Group Relationship Marketing and Consumer Behavior in Fast-Moving Consumer Goods. The primary idea of a marketing mix was introduced by Neil Borden in while describing the recipe that was needed to make a successful.
Acquiring new customers is quite difficult as compared to retaining existing customers.
In relationship marketing, the focus is on retaining customers for longer runs. For this purpose, the marketer pays more attention on providing orientation of the benefits for taking those products.
He tends to give quick and efficient customer service to satisfy the consumer and to make it a point that the consumer comes back. Here, in this stage, it fulfills all the promises or the commitments regarding the after service or anything related to the product made to the customers.
Consumer Behavior Relationship Marketing
The main point here is that, the quality in which the marketer pays the utmost attention. To retain the customers for a long run the marketer should give the customers the desired quality with all the required features and characteristics and of course, the marketer should be readily available for the customers to provide effective service or products. Factors affecting Business and Relationship Marketing As we, all know consumer needs tend to change gradually with time. The likes, dislikes, tastes and preferences of consumers change with time.
For example, a girl who liked a dress when she was 15 might not like the same dress when she is Marketers too need to study the market and acquaint these changing factors to survive in the market and retain customers.
In a consumer market, there are many suppliers and consumers, so the marketer needs to work accordingly to motivate the consumer and retain him.
Whereas in a business market, the competition is even tougher, where there are limited or fewer customers and suppliers. Here the buyers may not always be the end users as they are focused and know about their wants and needs.
In such kind of markets, it is very difficult to change the opinions of the consumers. Personal contact between the buyers and sellers is quite possible in a B2B market.
What Is the Relationship between Marketing and Consumer Behavior?
Here, the buyer is not always the consumer, and he might come in contact with the seller directly for his whole-sale or retail business. Quantitative Market Segmentation When identifying target markets, marketers commonly employ four types of quantitative and qualitative market segmentation tools to assess influences that affect buying decisions: Geographic and demographic influences help to identify market segments by quantitative, observable factors such as location, age, family income, gender, education attainment, occupation and ethnicity.
These observable influences provide insight into "who is" your target market and can help make inferences about cultural, social and lifestyle influences that drive consumer behavior. Qualitative Market Segmentation Psychographic and behavioral influences are qualitative, emotional factors that help explain "why" your target market behaves as it does. Psychographic influences include beliefs, attitudes, personality, values, opinions, interests and self image.
Behavioral influences relate to relationships that consumers have with brands in terms of knowledge, experience, usage and perceptions. These include brand attributes, perceived brand benefits, brand loyalty, usage rates and usage occasions. They are relevant in terms of assessing levels of cognitive versus intuitive involvement in buying deliberations.
Low-Involvement Buying Decisions Consumer decision-making is different for purchases that require high involvement than purchases that don't. According to Northwestern University marketing professor Philip Kotler high-involvement purchases are potentially risky and costly, because they usually require thoughtful cognitive deliberations, such as when buying a house or a car. Low-involvement purchases do not require much deliberation; they are generally low risk and low cost.The importance of studying consumer behavior