• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Consumer behavior

Extracts from this document...

Introduction

Consumer Behavior Jeff Miller 3/15/2009 University of Phoenix Marketing 435 Instructor James Ritchie Consumer Behavior One definition of 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 that these processes have on the consumer and society." (Perner, L. n.d.) There are many reasons people purchase certain products. These reasons can be because of price, promotion, product, and place (also known as the 4 p's). The study of consumer behavior (CB) is very important to the marketers because it enables them to understand and predict buying behavior of consumers in the marketplace; it is concerned not only with what consumers buy, but also with why they buy it, when and where and how they buy it, and how often they buy it, and also how they consume it & dispose it. ...read more.

Middle

In order for the company to tackle this correctly, they need to get the right type of mix (marketing mix), the mix should include four main elements: Product, Price, Place and Promotion, by examining each and carefully and adapting them to the customer's needs, they will continue to produce and needed products and services. The last major item my wife and I purchased was a new car. This is a situation in which I do a considerable amount of research. Several years ago we purchased a new Ford Edge for my wife. We were taken in buy the product, style, function, quality product, and the current promotion. We used the company financing to obtain very low interest and rebates. We are different in this respect as we only utilize the promotion for two years and then pay off the vehicle. Recently we were in the market or a new SUV for me. ...read more.

Conclusion

The fourth p is the promotion. In this situation we knew what we wanted and researched several Toyota dealerships in the area to find the best deal possible. All dealers offered the same deals on financing; the different promotional factors were the ending difference. The dealer we purchased from offered one year free for regular maintenance, including tire rotation, 60 point vehicle inspection and a free fuel card. The other manufactures we researched had better buying incentives, in this case it came down to the vehicle reputation. Consumer behavior is a very important part of any business. Understanding why people purchase the items they do and how they plan to use and recycle them is of great importance to every business. I am a business owner and until recently did not fully understand the importance of the consumer behavior. Knowing what they buy, why they buy it and how they use it is essential to the success of all businesses. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our University Degree Marketing section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related University Degree Marketing essays

  1. Buyer Behavior about McDonald

    Community Football Partner Olympic 2008 Both of the sponsorships above are mainly targeting on the kids. McDonald's launches its newest Olympic Games program, called McDonald's Champion Kids in Beijing. This program enables 300 kids to travel to the 2008 Olympic Games, giving the children chances to see the Games, meet the athletes, visit cultural sights and interact with others.

  2. This study will investigate, discuss and analyse the reasons behind consumer purchases of supermarket ...

    using statistical methods; Brand Personality Inventory, which uses a 41 item questionnaire to measure the brands personality of any brand across four dimensions: extroversion, potency, virtue and social acceptability. Tracking studies provide a continuous measure over time of factors such as brand awareness, trial usage and brand personality; finally Brandworks,

  1. Consumer Behavior and Holiday

    in the lecture on consumer market behavior and used a comparison based on the theory to point out the differences in specific circumstances. Theory shows that the consumer market consists of all the individuals and households who buy or acquire goods and services for personal consumption.

  2. Free essay

    Consumer Behavior Theories Overview

    The buyer must purchase the product. Marketers must decide on whom to direct their advertising efforts, the buyer or user. They need to identify the person who is likely to influence decisions. If marketers understand consumer behavior, they are able to predict how consumers are likely to react to different

  1. Car Market and Buying Behavior- A study of Consumer Perception

    Similarly, the idea of measuring the customer satisfaction will serve the same purpose of determining the customer perception. Thus, by measuring the" willingness of existing users of a car to recommend it to others" will help the car manufacturers to chalk out the entire Customer Buying Behavior.

  2. Consumer Behavior

    When asked her opinions on Monster and Full Throttle her response was simple, "I just like the way Red Bull tastes better." This may sound like an easy enough answer. But then I had to wonder, why does she prefer the taste?

  1. Consumer behavior exercise

    Perform some information about customer's standards of living. Executive summary The purpose of the research done was mainly, because of the observed increase in customer concern on environmental issues, therefore a proposal was made to introduce a line of biological vegetable and/or meat products.

  2. Consumer behavior and the marketing of Cartier jewellery.

    Table 4.3.1, Lifestyles/VALS Thinkers Favor durability, functionality and value in products Cartier jewelries are made from 18k gold, which have superb durability and value. They are also considered as investments Believers Conservative, Slow to change and technology adverse The classic design of Trinity collection suits their conservative personality best.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work