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Marketing Principles - Assignment Sample

   

Added on  2021-06-15

5 Pages1067 Words19 Views
Running head: Marketing Principles1Principles of MarketingName of StudentName of InstitutionName of CourseName of InstructorDate of Submission

Marketing Principles2Marketing PrinciplesWhy businesses study consumer behaviorThe ability to satisfy consumers largely depends on the strategies laid down by a company in terms of sales, marketing and after sale services. One core reason why companies study consumer behavior is to deduce their taste, preferences and values related to particular products. The response of a client to a particular product in the market can be used by a companyto highlight the trends in their behaviors(Blythe, 2008). The second reason why companies studyconsumer behavior is to know the right price ranges that would adequately fit the economic standards of the target market. At the same time, learning consumer behavior gives the management a chance to identify the effective adjustments which could be made to a particular product or service in a bid to heighten customer satisfaction which culminates in customer loyalty.Buying process descriptionThe buying process involves a number of stages each of which remains crucial in determining the end of the process. This implies that the successful observation of facts in one step influences the outcome likely to occur in the next step. These stages are described with reference to an electronic appliance, a microwave obtained specifically for indoor purposesThe first stage in buying involves problem identification. In this case, the client identifies the problem likely to be solved once the product has been bought. For instance, in the case of the microwave, little time due to tight schedules encouraged the pursuit for the product which could be used to speedily warm foods and hence save on time that would have been used in preparing awhole course (Niklas, 2012).

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