Need assistance with the following Marketing questions:
Although a relatively recent addition to the marketing lexicon, Consumer behavior initiatives have rapidly positioned themselves as the ultimate accomplishment in an organization understanding its customers. Although many organizations attempt to determine what elements encompass the psychological process a customer undergoes few actually succeed. Additionally, some organizations don't understand any potential value or return on investment that determining consumer behavior will provide. Others may feel that they don't possess the resources required to unlock such esoteric marketing concepts like psychographics and consumer lifestyle.
Is it worthwhile for every organization to determine its customer's purchase behavior, decision making process, lifestyle choices, and other psychographical variables? Why or why not? Make sure to support your thoughts with as many real-life examples from your experiences or your reading as possible.
Below and attached are the answers (same answers in 2 different formats) to your questions on consumer behavior.
Please Note: Please remember that this is a study guide and to use it as such. You still need to put your assignment in your own words. You can summarize, and paraphrase the information in this guide to fit your needs but I would advise that you do not turn it in word for word as your own work or you risk plagiarism. Good luck with your studies!
Buyer behavior is influenced by several factors including demographics, social stratification, reference groups, family factors personality, motivation, attitude perception, and values. These factors affect how consumers approach their buying decision and can influence consumers to form product and brand preferences and loyalties. Although marketing and brand managers cannot directly control these factors, gaining an understanding of their impact is vital in market segmentation and developing marketing mix ...
This is a discussion of Buyer behavior