Key elements in consumer behavior and why it is relevant to marketing Term Paper

Key segments in consumer port and why it is relevant to merchandising - Term Paper ExampleFurther, the article discusses some of examples wherein the companies had addressed personal identity in consumer behavior Theory Consumer behavior can be described as The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. (Perner, 2010) Understanding of consumer behavior would overhaul firms improve their marketing strategies, by addressing the issues like how consumers reasoning and selection between different alternatives, train of consumer knowledge, how to improve marketing campaigns to effectively reach out to consumers Consumer behavior and preferences has changed over the period of time and would pass off to evolve in the future also. We can analyze some of the key elements of consumer behavi or globally. For example, todays consumers place considerable value on self-expression and their individual identity. This also includes exerting their power and control as consumers. This element of consumer behavior represents consumers desires to be themselves and to be recognized as having personal needs rather than being fragmentize of the mass market. Accordingly, consumers value products and services that complement their individualityproviding them with a sense of personal and social identity. This rationalise represents set such as being me, trusting myself, finding my own answers and making my mark on the world in a world of opportunity and freedom. The desire for individuality is not new. It has just plough more than attainable for more people due to rising prosperity in society and the occurrence that technological advances facilitate easier, more cost effective personalized products and services. With rising prosperity there has also been a growth of post-material ist societies where values emphasizing self expressing and individuality have grown. Let us fool some of the drivers, particularly from marketing perspective, which be driving individualism in consumer behavior 1. There are several database methods of consumer research such as store loyalty programs which is strengthening more personal forms of marketing 2. Supply side manufacturers are increasingly tapping into the desire for more personalized products as a evidence of differentiation (increasingly to help offset the escalating private label threat). Individualized value added services are increasingly becoming the norm 3. Brand hegemony, particularly in the context of private label growth and impersonator innovations, has contributed to the demand for personalized goods that offer genuine points of differentiation Key take-outs and implications the growth of individuality creates a more engaged, confident and vocal consumer 1. Self-expressive contemporary consumers will increas ingly choose brands that offer compelling platforms for expressing ones individuality. 2. In emerging economies, the desire for self expression/individuality is more complex. Emerging economies are typically more collectivist consumer cultures that have been muddied by the growth of more self expressive values that have typically accompanied economic prosperity. 3. Research has documented that people who exhibit more individual tendencies are more assertive, more