Consumer behavior - marketing strategy Term Paper

Consumer behavior - marketing strategy - Term Paper Example Some of the major factors, which influence consumers’ decision regarding purchase of a product, include price of the product, quality of the product, self-image, cultural factors, and social pressure. â€Å"Consumer behavior is deeply influenced by cultural factors such as: buyer culture, subculture, and social class† (Shah). Analysis of consumer behavior is very important for the managers because it helps them develop marketing strategies in accordance with the mindset of the consumers. Strategic Marketing Planning Masters states, â€Å"Strategic marketing is a consumer-based approach to product promotion that identifies market segments and attempts to make them more profitable by providing superior value†. Strategic marketing is the type of marketing which managers use to create such plans for the company, which should not only motivate consumers to buy the products of the company but also should increase the productivity and profitability of the company. Produ ctivity depends on the satisfaction and retention of customers of the company. When the customers will be satisfied from the products of the company, they will work as a source to attract more customers for the company and as a result, the productivity and the profitability of the company will increase. ... All of these methods have a significant importance in marketing of a company’s products. These methods really prove to be successful for the companies to make consumers buy their products. Perner states, â€Å"The study of consumers helps firms and organizations improve their marketing strategies†. Strategic marketing is the powerful force, which drives an organization towards achievement of desired goals and objectives regarding any innovation. A company should typically create and develop a well-written strategic marketing plan, which should be able to promote the innovative products of any organization. The main purpose of designing and implementing an appropriate strategic marketing plan encompasses two basic motives. First motive is to attract consumers towards the product whereas the second motive is to increase the productivity of the company. If a company becomes able to attract the customers in a competitive market through suitable and effective marketing techn iques, its success and competitive edge in the market can really be guaranteed. Achieving market supremacy is the mission of most of the manufacturing companies and this mission can only be achieved through developing and launching such marketing campaigns strategies, which are able to reach a large number of consumers. Market supremacy can be achieved when a company uses such modes of marketing, which make use of latest technologies like internet, emails, television adds, and other stuff like that. When the managers of a company want to create a strategic marketing plan for a new product, they consult the plan with different departments, such as, sales, administration, and operation for of identification of marketing goals. It is the role