MARKETING CONSUMER BEHAVIOUR

Added on - 14 Nov 2019

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Running head: MARKETING CONSUMER BEHAVIOURMarketing Consumer Behaviour
2MARKETING CONSUMER BEHAVIOURTable of ContentsPart 1 - Consumer Behavior:How People Make Buying Decisions.....................................................3Consumer Behaviour Model:Environmental factors.........................................................................3Economic Factor............................................................................................................................3Technological Factor.....................................................................................................................3Consumer Behavior Model:Consumer factors..................................................................................3Personal Factors.............................................................................................................................3Psychological Factors....................................................................................................................4Social Factors................................................................................................................................4Role of involvement in consumer decision-making...........................................................................4Consumer decision-making process..................................................................................................5Part 2 - Market Segmentation, Targeting, and Positioning....................................................................6Market Segmentation.........................................................................................................................6Target Market....................................................................................................................................6Target Market Strategy......................................................................................................................7Positioning.........................................................................................................................................7Perceptual map................................................................................................................................7References.............................................................................................................................................9Other Readings....................................................................................................................................10
3MARKETING CONSUMER BEHAVIOURPart 1 - Consumer Behavior:How People Make Buying DecisionsConsumer Behaviour Model:Environmental factorsThe consumer business model is significant forWells Fargo due to improving the customer touse of banking services and make successful consumer behavior. There are two kinds ofenvironmental factors such as economic and technology, which are also relevant to the goodsand services of company. Additionally, such factors are discussed below:Economic FactorEnhancement in the rate of inflation can increase income level of consumers, which candirectly impact on the demand for Wells Fargo product and services effectively. At the sametime, declining inflation rate of the country can reduce the income level, which declinesdemand of product and services of market. Therefore, it can be said that changes in theeconomy can be the basis of profit and loss of Wells Fargo (Armstrong, et al., 2015).Technological FactorA rapidly changes in technology can also affect the growth of product and services of thespecified organization. Additionally, Wells Fargo has used many software and new apps tosecure confidential data of potential customers. The modern technology is supportive toenhance the performance of products and services in a significant manner.Consumer Behavior Model:Consumer factorsWells Fargo has used three significant factors such as personal, psychological, and social aredirectly affect consumer behavior. These factors are discussed below:Personal FactorsThe personal factor refers to the basic features, characteristics, perception, and idea regardingany stimuli of a specific person. At the same time, the personal characteristics of anindividual can influence decision and decisions are affected by gender, age, culture, and