In order for a business to sell its products and services as successfully as possible, they need to look at what products they are selling in detail to ensure they will be attractive and needed; the price to ensure it is not too cheap or too expensive; where are the best places for distributing the product; and finally, how can they create interest and awareness for the products. All these elements need to be targeted at the right people at the right time. 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. After considerable research on the full size SUV’s like Chevy Tahoe, GMC Denali and the Toyota Sequoia Limited. The current promotions were not really a factor in this case and we were more interested in the longevity of the vehicle, the quality and the overall reputation of the manufacture. Ultimately we chose the Toyota.
For several reasons we chose the Toyota Sequoia. After careful review I have noticed the four p’s were apparent in the decision. The product met and exceed out needs and expectations. Toyota makes a great product and it is reliable, holds resale value well and is a quality product. The second p is price. The price of the Toyota was comparable for the vehicles we were researching. In this case we looked at features, both included and extras and compared them to each other. The third p being place did not play as much of a factor as the others. In this case we would have purchased the best vehicle for us from any location in the greater Spokane area. 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.
References
Solomon, Michael R. (2004) Consumer Behavior: Buying, Having, and Being (6th ed.)
Prentice Hall, Upper Saddle River, NJ, online text University of Phoenix
Perner, Lars (n.d.) Consumer Behavior: The Psychology of Marketing, online source
reterived 3/15/2009, from