Defining Consumer Behavior
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Consumer behavior deals with the study of different stages a consumer goes through before purchasing a good or service. There are many factors that influence the buying decision of a consumer ranging from psychological, social, and economic. The primary catalyst contributing to the buying decision is the need to have the particular product or service. Therefore, the marketing strategies must identify the needs of the consumer, define the demographics, understand buyers perceptions, and address economic concerns. The following composition reviews and defines consumer behavior as it relates to marketing as well as how the four Ps of marketing; product, price, promotion, and place affected a recent personal purchase.
Consumer behavior defined by Hawkins, Mothebaugh, and Best, as “Consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts these processes have on the consumer and society” (p. 6). It is paramount organizations understand consumer behavior to employ effective marketing strategies. Studying consumer behavior gives insight to marketers between the relationship of businesses and buyers. Consumer insight sparks innovation to companies, the needs of buyers get recognized, new discoveries for products and services then developed. Buying decisions influence consumer perceptions. Stimuli trigger perceptions through the senses (Marketing Mixx, 2012). The ability to see, touch, feel, and hear about a product plays the emotional connection to buyers influence. Consumer perception defined as “A marketing concept that encompasses a customers impression, awareness and/or consciousness about a company or its offerings. Customer perception affects advertising, reviews, public relations, social media, personal experiences, and other channels (2012). In order for marketers to employ the most effective marketing strategies, studies determine the results. It is important for businesses to identify their target market and know how, where, and what they want is satisfied. This information is obtained through variety of sources, surveys, performance reports, marketing databases, and Internet (Dietrich, 2012). The information provides direction and insight to the marketing approach that will formulate.
The marketing mix describes the determinants used by organizations to bring a product or service to consumers. The marketing mix consists of, product, price, promotion, and place and will relate to the students recent purchase of a car.
Product
The recent purchase made by the student was for a new car. The current vehicle the student was driving was 13 years old, in great looking condition, but needed new tires, and mechanical repair. The dilemma was whether to invest in the repairs for a car