Question

What does the term consumer behaviour refer to, and why is it important to marketers?

Justify your opinion Present an example of differentiation based on consumer behavior

Answer 1

Consumer behaviour can be referred to as the processes that a consumer use in order to make purchase decisions. This also defines why certain goods are considered favourable and why certain goods aren't. It also consists of the factors that influence the purchase decision of the consumers. It is, therefore, necessary as marketers that we realize the value this behaviour tend to offer us. We see that marketers make use of theories and ideologies that allow them to tap into this aspect of the consumer’s thinking and essentially allow them to market their product better/worse than they could have.

For example

If we take into account Nike (Jordans), we will see that the reason they sell so well is that people have the concept of self-attachment. What this means in easier terms is that they associate a certain product to the value of another thing and therefore, create a sort of a relationship which helps or causes problems when the product is brought into the market.