Marketing Strategy And Consumer Behaviour – Receive information about the benefits of our program, the courses you will take and what you need to apply.
The psychology of consumer behavior, including the subconscious factors that drive it, is simply fascinating.
Marketing Strategy And Consumer Behaviour
Consumer behavior is the study of factors that influence individual purchasing decisions, including environmental, psychological, and social factors. Using data, marketers can understand how consumers choose products or services, the thought and/or emotional processes behind those decisions, and what drives them to choose one product over another. to another. All of this will help marketers create well-targeted advertising campaigns designed to pique the interest of their consumer base.
The Importance Of Consumer Behavior In Marketing
Clothing retailer H&M, for example, used a tactical approach to digital marketing when it teamed up with model Ela Velden and fashion blogger Julie Sariñana to showcase its clothing on Instagram. The goal of this massively successful campaign was to capitalize on consumers’ propensity to trust industry experts. In this case, H&M wants to target millennials and Gen Z, knowing that social media influencer campaigns can go hand in hand.
Vitamin manufacturer Nature Made capitalized on the tendency of consumers to “behave together” when creating a campaign for its gummy vitamins. In addition to using the United States Pharmacopeia (USP) seal in its ad to certify that the product’s ingredients are recognized for purity, the ad also shows one of the company’s vitamins being held between the thumb and forefinger of a child. The tagline is simple and effective: “We guarantee the purity and potency of [our vitamins], but made by an independent group.” Not only does the ad resonate with those who see it, but the specific, targeted message helps drive product sales.
Marketers who study consumer behavior patterns often find that they successfully use this information not only to attract new customers, but also to retain existing customers. Therefore, to be successful in this field, marketing professionals must have a solid understanding of what drives consumer behavior, including the psychological, personal, and social factors that influence decisions. to purchase.
To understand consumer behavior, marketers must first understand what drives their purchasing decisions. For example, studies have shown that family factors, such as having a baby, can influence the products consumers buy. An individual’s perception of the brand, and whether or not to own a high-value item such as a Rolex watch is important to their self-identity and can also influence the consumer’s decision. Consumers’ age and gender have also been shown to influence how and why they shop.
A Study On Impact Of Marketing Strategy On Consumer Behavior With Reference To Aircel
There are various psychological factors that affect consumer buying behavior. For example, marketers need to understand how buying patterns are influenced by factors such as whether individuals are more likely to make purchase decisions based on need. Individuals’ perceptions of brands also influence their purchasing decisions.
What consumers think of a brand often determines what they buy. For example, some people like to spend money on designer clothes and products, such as Versace belts and Louis Vuitton wallets. Among this demographic, high-priced, luxury items are seen as status symbols, and consumers who pay for them are attracted to exclusivity. Some brands, such as Kanye West’s Zeezy sneakers, have launched successful limited-edition trends to capitalize on scarcity to drive sales.
The second part of brand perception has to do with how good a product or service is compared to competitors. If someone thinks an Apple laptop is the best laptop on the market, they are more likely to buy a Mac when shopping for their next computer. Apple is the most important brand in the world
Individual perceptions and thought processes also influence what they buy. For example, if Annie and Jane work late, they may decide that takeout is their best option for dinner. Even if the primary motivation for ordering is hunger, their perceptions of menu items can influence their choices. Annie might order a simple salad because she thinks that’s the healthiest, while Jane might choose a plate of grilled chicken and vegetables based on her idea of what a healthy meal looks like.
Week 1 Consumer Behaviour Implications For Marketing Strategy
Personal factors, such as an individual’s gender and culture, and whether they understand how to use products to solve problems, such as how microwave-safe food containers can help with food preparation, has also been shown to influence which products and services consumers purchase.
Consumers of different age groups are generally attracted to different types of products. For example, a new parent in their 20s raising a child may purchase different baby items than a new parent in their 40s. Marketers who understand target age groups are in a good position to develop the right products and campaigns for each demographic. The age group of consumers can also determine whether advertising dollars are best spent on newspaper print ads or social media influencer campaigns.
Recent studies have shown that in many households, women are the primary decision makers when it comes to purchasing.
Among couples, women shop the most, making 70 to 80 percent of purchase decisions, the report said. Marketers can promote different aspects of a product depending on the gender they are targeting. For example, men tend to focus on specific features of a product, while women focus on overall quality,
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.However, some marketers use less narrow gender parameters to appeal to younger generations. Companies develop their strategies to meet individual preferences, rather than making stereotypical assumptions based on gender or sexual identity.
Successful marketers understand how factors such as nationality, religion, and culture play a role in consumer behavior. For example, in some countries, such as China and Japan, people are more inclined to buy goods that improve the welfare of groups such as families. In the U.S., on the other hand, purchasing decisions tend to be more individualized and related to consumers’ personal preferences.
All consumers have buying habits related to their interests, and marketers must understand who the product or service they are selling is targeting. For example, a manufacturer of a waterproof, multi-purpose backpack may find it more successful marketing to outdoor enthusiasts who like to hike and fish than to stay-at-home moms.
Social factors such as consumers’ income levels, where they live, and family dynamics can also influence the types of products and services they spend on.
Viral Marketing Strategies And Customer Buying Behavioural Intentions At Retail Store In Johannesburg
Consumers’ desire to fit in with friends, peers and colleagues often influences their purchasing decisions. For example, if most of Company X’s employees drive a certain brand of luxury car, when other employees buy a new car, they are likely to choose something similar. It’s all a matter of “keeping up with the Jones.”
Consumers’ income levels are closely related to their purchasing patterns. Low-income consumers may be more concerned with purchasing products based on needs rather than preferences, while high-income individuals typically have more disposable income and thus may be inclined to buy products based on needs rather than wants.
Living conditions, such as whether individuals rent or own their homes, and the neighborhoods they live in can also play a role in consumer decisions. For example, household appliances such as refrigerators and dishwashers are bought more often than renters. People who live in the suburbs are more likely to own a swimming pool than those who live in a high-rise downtown. Promotion of a product or service is most successful when it targets the right group of people.
A 2019 article in Marketing Charts reported that, in addition to family members having a strong influence on their children’s purchases, 87% of parents surveyed said that their decisions in buying is influenced by their children. Children were found to be the most influential purchasers of toys, games, clothing, dining out, activities and outings.
Covid 19 Changed Consumer Behavior And Marketing Strategy
Experts agree that there are four main types of buyer behavior: complex buying behavior, dissonance-reducing buying behavior, buying behavior, and differentiation-seeking behavior -other. Studying these behaviors can help marketers understand the types of factors that can and cannot influence purchasing decisions.
For example, an individual looking to buy an expensive item (such as a boat) is influenced by different factors than an individual researching an inexpensive item (such as a hair dryer). Understanding the factors that might influence a buyer to say “yes” instead of “no” can help design targeted marketing strategies.
Complex purchases occur when individuals purchase expensive and infrequently purchased products, such as cars, a new house, or a treadmill. Consumers are often highly involved in such purchases, taking the time to research significant differences between brands. Complex purchases often involve buyer commitments based on associated costs.
Reduced mismatch buying behavior occurs when consumers are highly involved in purchasing an item, but they have difficulty seeing the differences between brands. for