Explain buyer behavior effect marketing opportunities
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How the Buyer's Behavior Affects Marketing Activities
"Buying behavior" is made up of the internal and external factors that explain why consumers buy and use certain products or services. This type of behavior can affect the marketing strategy that a business employs to promote its products, and when this behavior is analyzed, it can guide a business toward better marketing strategies and methods that it might not have originally used. The University of Delaware states that the best way to gauge what marketing strategy to use is to create a "marketing mix" of different types of ads and promotions that can appeal to the different types of buying behavior.
Supply and Demand
One of the basic economic theories that drives marketing is that of supply and demand, which consists of a ratio between the amount of supply versus the amount of demand for that supply. Two supply and demand situations can majorly affect the type of marketing you employ for your goods. These situations include when a product or service is in abundant supply and demand is scarce or when a product or service is scarce and there is increased demand for it. Assessing these ratios, or similar types of ratios, will give you better insight into buying behavior and how you should market your products.
Routine Behavior
Routine buying behavior is the programmed response that consumers may have to certain types of products. Usually these products are not expensive, such as cars or computers, and can include anything that is commonly bought on a week-to-week basis. Such items may include a specific brand of soft drink or candy. These types of products do not usually call for extensive research by the consumer prior to her purchase, and, according to the University of Delaware, this form of consumption is "almost automatic" but should be addressed in your marketing mix of strategies.
Complex Decision Making
Another type of buyer behavior is that of complex decision making, usually associated with high-end, expensive or scarce products such as diamonds, fine wine or automobiles. This behavior often comes with high involvement on the consumer's part in that he will generally want to thoroughly research the product and differences between brands before he makes a decision on which one to buy. This type of decision making can include looking to peer reviews of products or services that will lead to a better-informed consumer choice.
Internal Factors
Certain internal factors that marketers need to be aware of can also affect a consumer's buying process. These elements -- personal, psychological and social -- guide buying behaviors and consumption patterns and can be a valuable tool to creating better marketing strategies on the seller's side. For example, a consumer may opt for a specific brand of cola because of provocative advertising that may make that consumer feel "sexy" for drinking it, versus buying another brand of cola that uses nonsexual advertising. Delivering the feeling you want experienced when a consumer uses your product is imperative to a good marketing mix of strategies.
"Buying behavior" is made up of the internal and external factors that explain why consumers buy and use certain products or services. This type of behavior can affect the marketing strategy that a business employs to promote its products, and when this behavior is analyzed, it can guide a business toward better marketing strategies and methods that it might not have originally used. The University of Delaware states that the best way to gauge what marketing strategy to use is to create a "marketing mix" of different types of ads and promotions that can appeal to the different types of buying behavior.
Supply and Demand
One of the basic economic theories that drives marketing is that of supply and demand, which consists of a ratio between the amount of supply versus the amount of demand for that supply. Two supply and demand situations can majorly affect the type of marketing you employ for your goods. These situations include when a product or service is in abundant supply and demand is scarce or when a product or service is scarce and there is increased demand for it. Assessing these ratios, or similar types of ratios, will give you better insight into buying behavior and how you should market your products.
Routine Behavior
Routine buying behavior is the programmed response that consumers may have to certain types of products. Usually these products are not expensive, such as cars or computers, and can include anything that is commonly bought on a week-to-week basis. Such items may include a specific brand of soft drink or candy. These types of products do not usually call for extensive research by the consumer prior to her purchase, and, according to the University of Delaware, this form of consumption is "almost automatic" but should be addressed in your marketing mix of strategies.
Complex Decision Making
Another type of buyer behavior is that of complex decision making, usually associated with high-end, expensive or scarce products such as diamonds, fine wine or automobiles. This behavior often comes with high involvement on the consumer's part in that he will generally want to thoroughly research the product and differences between brands before he makes a decision on which one to buy. This type of decision making can include looking to peer reviews of products or services that will lead to a better-informed consumer choice.
Internal Factors
Certain internal factors that marketers need to be aware of can also affect a consumer's buying process. These elements -- personal, psychological and social -- guide buying behaviors and consumption patterns and can be a valuable tool to creating better marketing strategies on the seller's side. For example, a consumer may opt for a specific brand of cola because of provocative advertising that may make that consumer feel "sexy" for drinking it, versus buying another brand of cola that uses nonsexual advertising. Delivering the feeling you want experienced when a consumer uses your product is imperative to a good marketing mix of strategies.
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