Consumer and market knowledge essay

consumer behaviour essay example

Pricing This refers to the process of setting a price for a product, including discounts. Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: [13] Needs : Something necessary for people to live a healthy, stable and safe life.

Remember: This is just a sample from a fellow student. This field deals with the behavior of how individuals, groups, and organizations select buy use or dispose of goods, service ideas or experience to satisfy their needs and desires.

consumer behaviour and marketing

Extensions of the four P's include "people", "process", and "physical evidence" and are often applied in the case of services marketing [50] Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing: Industrial marketing or B2B marketing needs to account for the long term contractual agreements that are typical in supply chain transactions.

Sustainable marketing or green marketing is an extension of societal marketing. Understanding how a person thinks, reacts, and feels may play a huge role in how a marketing manager sets up their campaign; thus determining whether or not their marketing plan was a success or failure.

who is a consumer

But the same word meaning has evolved as a reflection of lifestyle and recreation on certain economic class society. Get your price writers online In recent years, rural markets have acquired significance, as the overall growth of the economy has resulted in a substantial increase in the purchasing power of the rural communities.

According to Kotler et al.

Consumer and market knowledge essay

Wants are not essential for basic survival and are often shaped by culture or peer-groups. Post Purchase Behaviour Post Purchase behavior refers to the behavior of a consumer after his commitment to a product has been made. The "marketing mix" gained widespread acceptance with the publication, in , of E. Economies of scale can lead to lower prices and higher profits EVAL Point 2: Monopsony power and tax avoidance In evaluation,Consumer welfare can be diminished when dominant businesses such as Amazon use their monopsony powerin markets to lower prices paid to suppliers consumers work for these businesses too and in theory play lower wages to their warehouse employees than if the labour market was more competitive. Now brands are becoming the most valuable assets that businesses can possess. Review of earlier studies discloses the works and studies done by individual researchers and institutions help to establish further the need for the study. Companies that adopt a societal marketing perspective typically practice triple bottom line reporting whereby they publish social impact and environmental impact reports alongside financial performance reports. In a narrow sense, consumer behavior is the act of a consumer when he is engaged in buying and consuming a good or a service. They are the foundation of managerial marketing and the marketing plan typically devotes a section to each of these Ps. Remember: This is just a sample from a fellow student. A meta analyses [29] has found that the factors with the greatest impact on sales performance are a salesperson's sales related knowledge knowledge of market segments, sales presentation skills, conflict resolution, and products , degree of adaptiveness changing behavior based on the aforementioned knowledge , role clarity salesperson's role is to expressly to sell , cognitive aptitude intelligence and work engagement motivation and interest in a sales role. From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction". Subscribe to email updates from tutor2u Economics Join s of fellow Economics teachers and students all getting the tutor2u Economics team's latest resources and support delivered fresh in their inbox every morning. Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible.

Thus, if a consumer has a negative attitude towards a product, it would take substantial effort to change what one believes to be true.

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The buying behaviour of consumer in India: [Essay Example], words GradesFixer