{"id":8200,"date":"2023-12-20T14:41:57","date_gmt":"2023-12-20T14:41:57","guid":{"rendered":"https:\/\/commerceiets.com\/?p=8200"},"modified":"2023-12-20T14:44:30","modified_gmt":"2023-12-20T14:44:30","slug":"marketing-strategy-and-consumer-behavior-explained","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/marketing-strategy-and-consumer-behavior-explained\/","title":{"rendered":"MARKETING STRATEGY AND CONSUMER BEHAVIOR – HOW MARKETERS MAKE USE OF CONSUMER BEHAVIOR STUDY"},"content":{"rendered":"\n

MARKETING STRATEGY AND CONSUMER BEHAVIOR<\/strong><\/h2>\n\n\n\n
\"MARKETING
MARKETING STRATEGY AND CONSUMER BEHAVIOR<\/figcaption><\/figure>\n\n\n\n

MARKET OPPORTUNITY ANALYSIS<\/strong><\/h3>\n\n\n\n

This activity involves identifying consumer’s needs, organisation’s strengths competitive scenario and the other market conditions. The analysis of the unfulfilled needs and wants of the consumer is done by examining trends and conditions in the market place. This is done by assessing income-levels and life styles etc. of the consumers. The trend towards rising income levels, increasing number of working wives and greater emphasis on leisure and convenience have fuelled the need for household gadgets like washing machines, vacuum cleaners, dish washers etc.<\/p>\n\n\n\n

On the other hand, greater health cautiousness amongst the people has resulted in a number of water purifiers, health drinks, health clubs and gymnasiums which are doing good business. Their rising sales graph is an apt indication of how well these health drinks and gymnasiums have been able to meet and satisfy the customer’s need. The market analysis is mainly based on following factors:<\/p>\n\n\n\n

(a) The Consumer:<\/strong> It is very important for an organisation to understand the consumer. Many firms send questionnaires to customers to ask about their satisfaction, future needs and ideas for a new product. On the basis of the response received, changes in the marketing mix are made and advertising is also restructured.<\/p>\n\n\n\n

(b) The Company:<\/strong> The analysis of the company is also a very significant part of market opportunity analysis. The strengths and weaknesses of the company are thoroughly observed. The firm’s financial position, market share, size and quality of sales force are properly analysed.<\/p>\n\n\n\n

(c) The Competition:<\/strong> While analysing of the market, an insight into the strengths and weaknesses of the competitors and their strategies is done thoroughly. After getting this information, the company responds accordingly and changes its marketing mix in order to out do the competitor. This is very difficult process and it is easier said than done.<\/p>\n\n\n\n

(d) The Conditions:<\/strong> The Conditions required to be seriously studied are the economy, the physical environment, the government regulations, the technological developments, etc. these factors effect the consumer needs and leads to the formulation of different marketing strategies.<\/p>\n\n\n\n

MARKET SEGMENTATION AND TARGET-MARKET SELECTION<\/strong><\/h3>\n\n\n\n

(a) Segmenting the Market:<\/strong> Own society consists of a vast number of individuals of different age groups and belonging to different social, economic and religious backgrounds. The study of consumer behaviour trends would reveal distinct groups of consumers with distinct needs. Knowledge of who these groups are and segmenting the market accordingly after understanding, how a particular group would behave in a particular situation, how, what, where and how much they buy, helps the marketer to tailor his products or services according to segments. This may be done by approaching each market segment with unique marketing offering or by selecting a few target markets only and concentrating company efforts on such identified markets only.<\/p>\n\n\n\n

(b) Finding the Target Customer:<\/strong> A target customer start with the Target Marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments.<\/p>\n\n\n\n

Target marketing can be the key to a small business’s success.<\/p>\n\n\n\n

The beauty of target marketing is that it makes the promotion, pricing and distribution of your products and\/or services easier and more cost-effective. Target marketing provides a focus to all of your marketing activities.<\/p>\n\n\n\n

When the study is done thoroughly about the consumer’s behaviour, these things help in concluding that according to the available resource of the organisation what kind of customers would be best served by the company and then accordingly the product is developed?<\/p>\n\n\n\n

(C) Selecting the Niche Market:<\/strong> A niche market is a focused, targetable portion of a market.<\/p>\n\n\n\n

By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. You can think of a niche market as a narrowly defined group of potential customers.<\/p>\n\n\n\n

For instance, instead of offering cleaning services, a business might establish a niche market by specializing in blind cleaning<\/p>\n\n\n\n

Why should you bother to establish a niche market? Because of the great advantage of being along there; other small businesses may not be aware of your particular niche market, and large businesses would not want to bother with it.<\/p>\n\n\n\n

The trick to capitalising on a niche market is to find or develop a market niche the has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.<\/p>\n\n\n\n

After the study is done a company has selected that it would be producing cosmetic products, hence now the company would see whether it is having enough resources and technology to be a high-level entry or whether it has to be one of the new entrants in the market.<\/p>\n\n\n\n

MARKETING STRATEGY<\/strong><\/h3>\n\n\n\n

After having identified an unfulfilled need of the consumer, next step is to determine right mix of product, price, place or distribution network and product promotion. A thorough knowledge of Consumer Behaviour is extremely helpful in decision making in these areas.<\/p>\n\n\n\n

(a) Product:<\/strong> A marketer is concerned about the physical attributes and service features of the product. Consumer behaviour helps to figure out a number of features desired in the final product like:<\/p>\n\n\n\n