Question

What do Marketers Do?

Compare alternative theories of consumer behaviour and contrast how they influence marketing activities

Answer 1

• Marketers aim to grow sales by identifying the area of need and proposing the goods and services that will have good impact for customers
• Marketers maximize profit by developing strategies for the promotion of product and services

• The theory of consumer choice defines preferences as a binary representation of individual choice
• It employs this tool according to two different theoretical framework
• The first considers preferences as given and takes the choice behaviour as determined but consumers preference ordering
• The second one is the consumers choice and derives preferences in terms of them

• Consumers behavior have a number of implications on marketing strategy
• The increasing popularity and use of social media help marketers to take advantage of reference groups in helping spread the messages of products and services
• Communication would be most appropriate for a given audience
• Use of websites with graphics and web designs can greatly influnece audience perception and help differentiate business