Assessing Marketing Opportunities
Buyer behavior and marketing
In a dynamic and ever changing business environment, business entities should understand that people also are no static in ideas, (Mercer, 2006, p. 54) preferences, choices and the scope of their needs. The fact that there are basic human wants that are universal, it does not indicate that the needs are satisfied in the same way and manner. Therefore understanding consumers is the most fundamental thing towards selling firms products.
In this regard, consumer buyer behavior involves studying and understanding the potential customers of the firm’s product the way, how, why, what and when the make purchases of a given product (George, 2004, p.20). In other words it refers to the activities and processes that consumers engage in when they need to satisfy their human wants through purchasing, evaluating and disposing off the product or services. Therefore the manufacturer of the seller should be equipped with this knowledge to give exactly what the market needs.
This is more of a combination of various fields to arrive at this efficacy. These include the economics, sociopsychology and anthropology. These three combinations give the overall consumer characteristics. For instance the economic aspect shall appeal to the purchasing power of the pocket. For example the wealthy and who have enough money and wishes to purchase a motor vehicle, they would prefer an expensive and exclusive limousine to a cheap comfortable saloon car as their drive as opposed to the medium income earners or below average wealthy carder.
While the socio-psychological aspect will cover the social class and the perception of the consumers in the market. Whereby in a upper social class products should appeal to the quality and novelty. While the medium and lower class do not appeal to the same factors, but rather comfort attained and want satisfaction (Charles, 2007, p. 91) as opposed to the upper class that would need to meet the quality of want satisfaction. For instance the upper class can not pop into a low charged entertainment center or try to shop in a one (1) dollar shop. While anthropological aspect shall make marketers focus on the cultural background of the buyers and what are their appealing color of packaging and products (Gregory, 1998, 180).
In this connection, for example the BMW and FORD Company have different appeal to their consumer. Where by BMW motors appeal mostly to the well of buyers which includes its adverts like “Trademark of BMW” that appeal to wealthy people in the society. Whereas other motors a will appeal to convenience and comfort only. Therefore the seller must invest in their trademarks known to their potential consumers. Therefore once the seller is aware of the trend and dimension of the consumer decision making factors is able to market his product well that meets the consumers wants and desires (Taylor, 2005, p. 67).
Charles Hague, (2007), Theory of Buyer Behavior; Routledge, New York.
George Belch, (2004), Advertising and Promotion; McGraw-Hill, New York.
Gregory Foxall, (2005), Understanding Consumer Choice, Macmillan, London.
Mercer Davidson, (2006), Successful Marketing; Blackwell, Boston.
Taylor Ocean, (1998), Behavior of Buyer in Market; Dryden Press, New York.