Marketing Strategy and Consumer Behaviour Consumer Behaviour

To survive in a competitive environment, a marketer must provide target customers more value than is provided by its competitors. Customer Value is the difference between all the benefits derived from a total product and all the cost of acquiring those benefits. Providing superior customer value requires the organization to do better job of anticipating and reacting to customer needs than the competitors does. An understanding of customer behaviour is the basis for strategic marketing formulation. Consumers’ reactions to this marketing strategy determine the organization’s success or failure. However, these reactions also determine the success of the consumers in meeting their needs, and they have significant impacts on the larger society in which they occur.

Marketing strategy is conceptually very simple. It begins with an analysis of the target market which includes company, conditions, competitors, and consumers. Next, Market segmentation: This involves identifying product-related need sets, grouping customers with similar need sets, describing each group and selecting an attractive segment to serve.

Third stage is marketing strategy and it involves manipulation of marketing mix. The marketing mix includes the product, price, communications, distribution, and services provided to the target market. Next is Consumer Decision Process.The final stage Outcomes involves analysis of firm’s product position and customer satisfaction resulting from implementation of the strategy.

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