Marketing principles and practices Essay Example | Topics and Well Written Essays - 2500 words

Marketing principles and practices - Essay Example These products or services can be reached to the consumer only through optimal marketing strategy. Although the consumer may buy the products through their hands, the crucial factor is only if the mind of the consumer is enticed by the product or services, the buying process will be initiated. The mind of the consumer only leads to particular behaviours from the consumer. As mentioned above, the key for successful marketing strategies is to first find out and corner in on the behaviours that will be exhibited by the prospective consumers before he/she makes the buying decision. Consumers’ behaviour during their buying decision process will be influenced by varied factors. That is, he/she make the buying decision based on factors like necessity for a particular product or service, next comfort or even as part of their living, etc. While coming up with that decision, particular thoughts about the products or services will percolate in the consumer’s mind, pushing them to make that buying decision. This supposed ‘seeding’ and percolation of thoughts in the consumer’s mind has to be guessed, analyzed and understood by the marketers to come up with apt marketing strategies. So, this paper will discuss why it is important for marketers to understand the consumer decision making process including influences on consumer behaviour and their marketing implications. According to consumer behaviour theory, a consumer, while carrying out the decision making process, will be mainly influenced by his/her choice of product and then by budget constraints, which can be further classified into 4 factors - Rational behaviour, Preferences, Budget constraints and Prices. A consumer is will exhibit rational behaviour when he/she use their money to get heightened state of satisfaction, and/or utility from that purchasing decision. â€Å"Consumers want to get "the most for their money" or, to maximize their total utility.† (welkerswikinomics.wetpaint.com). Thus, it