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Consumer behavior

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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.

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