Consumer Behaviour in Marketing Management

3 Significant Factors in Consumer Behaviour in Marketing Management: Circumstantial Discussion

What’s consumer behaviour in marketing? Who are consumers? Consumer behaviour and marketing strategy. Consumer behaviour in marketing management

What’s Consumer Behaviour in Marketing Management?

Consumer behavior in marketing plays an imperative role in making favorable market scenarios for marketing’s share. A marketer before investing in the market needs to study consumer’s time to time preferences, responses to the particular product, and their engagement in the same and only then invest into the market accordingly.

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Consumers

Consumers or the target audience refers to the public who pay for the goods and use them. Factually it’s incorrect to say that the consumers are the buyers or direct customers, on which the market relies solely. The market does not only deal with users but market influencers in making decisions to buy. For instance, if a daughter saw a pretty watch in a magazine, she would first ask her mom. Payment would be done by dad. As she goes to a party, one of her friends would get influenced and would like to buy one for her too. Market majorly depends on influencers than the direct purchasers.

Product

Product ranks the second significant factor on which the market relies upon. The fact product is not just ‘goods’ but ‘service or benefits’ too, they buy to satisfy their needs. For example a refrigerator is purchased to preserve the food for an extra period than it actually can be preserved. So not focusing on ‘what to make’, better focusing on ‘what they need’ can let companies gain a lot of share on a part in food marketing.

Consumer Behaviour and Marketing Strategy

Study of consumer behaviour in marketing depends on these basic factors:

Personal factor

There are billions of faces, and there lies a vast difference from person to person preferences, tastes & views. Influenced by changing time, perception, social values, habitats or seasons, a human being changes his/her choice, mood or ideology for a product every now and then. A product is expected to satisfy every person with different percepts & choices, for a company to gain public trust & goodwill.

Cultural factor

The fact that a human grows up with all habits and manners, he learns from his family, relatives which indulge into him as his behaviour, preferences & practices. The impact of culture is no doubt one of the main factors which vary from country to country or state to state. Targeting a culture indicates targeting a vast group of audiences directly, so an analysis of the market with cultural factors becomes necessary for a marketer before investing.

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Physiological factors

Psychological factors say all about internal changes or needs that act on a human body to satisfy it. For instance, a severe headache, depression or any physical changes that influence the body to heal it at any means. Human psychology that triggers him to achieve his goal, helps marketers to target a particular community of such people. Attitude, learning, motivation and behaviour are namely some psychological factors.

Consumer Behaviour in Marketing Management & Its Applications

New marketing concepts depends on study of Consumer behaviour in marketing.A consumer behaviour analysis gives an idea of:

What influences buying decisions? What are the competitors doing?

Which product has a low trend or high demand?

How and where to promote?

Feedbacks from the customers

What consumer need?

“Don’t find customers for your products, find products for your customers.”

As very wise words said by ‘Seth Godin’, marketing and investing decisions must be made on ‘what your customers need’.

A customer won’t go for a perfect product but definitely go for a product that fulfills his needs perfectly at a cheap price and better quality.

What influences buying decisions?

As per studies, buying decisions are generally made according to the taste, preferences, beliefs, learning, ideology and impression about the products. Customers are likely to purchase more after being envious of someone, or to maintain or showcase their impression to others. (Like iPhones, laptops, dresses ,watches etc). However, purchasing decisions are observed to be made on personal factors, social or cultural factors and psychological factors.

What are the competitors doing?

When it’s done with choosing the product and identifying the target audiences, then the other big difficulty to deal with is competitors involved in the same category, product and services.

To get what actually your marketing competitors doing, make a note on-

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Who can be your competitors?

Compare your products with your competitors on basis of quality, style, durability, value, and convenience how often are they updating their products? Customers viewpoints on your products & that of competitors through their strategies (their plans, offers, and discounts)

Which product has a low trend or high demand?

It is a better idea to invest and to produce a product after analysing it’s rank at the current period and visualising it’s worth in the near future. For knowing the present trend, keep up with the news, social media feeds, and surveys. Another way to know what’s in demand is going through ‘Google trends’, which gives an idea and even a prediction of products, services or news that’s trending online.

How and where to promote?

Creating an appropriate brand awareness into the public is a must ‘to do’ in the list of necessary analysis in consumer behaviour in marketing. In marketing, promotion and advertising of a brand plays a vital role to communicate about the product & its benefits to the customers. A marketer must know where & how to promote so that it generates willingness to buy his products on the very 1st ever impression. Social media ads, pamphlets, newspapers, blogs, websites and networking helps to reach more customers and enhance the market.

Feedbacks from the customers

Is your strategy working? Is the product reaching out to its target audience? What’s the impact of the product & views of the public? Marketing managers need to keep up with the reviews regarding the product, services and even complaints if any.

Feedbacks give an idea of the product’s impression on people. It includes surveys, social media interactions etc. However, being a marketer, you may face negative feedback but instead of being demotivated, one must try to take it as an advantage to enhance his product more. As it is rightfully said:-

“Mistakes should be examined, learned from, and discarded; not dwelled upon and stored.”

The Final Line

Consumers or the target audience refers to the public who pay for the goods and use it.

The fact product is not just ‘goods’ but ‘service or benefits’ too, they buy to satisfy their needs.

 There are 3 significant factors in Consumer behaviour in marketing management. 

Basic factors on which marketing strategy depends: personal, psychological and cultural factors

Marketing concepts is to keep a track on-  What customers need, What influences buying decisions, What are the competitors doing, Which product has a low trend or high demand, How and where to promote, Feedbacks from the customers.

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