How does marketing use consumer behaviour to meet its end goal?
Consumer behaviour helps companies gain knowledge about their customers so that they can change their marketing strategies to include certain factors that appeal to their audience. With the information companies collect, they can alter the uses and aesthetics of their product so that it caters to the audiences’ liking. Companies can also promote their products in ways that will appeal to customers and produce a particular emotion that will persuade them to buy their product. Companies can lower prices or possibly make them higher in order to attract attention. By doing so, companies create more sales and satisfy customers.
Consumer Behaviour and Price
Consumers like reasonably set prices that fit their lifestyle and budget; if companies can detect this, they can compromise prices so they’re high enough for them to make a good profit, but at the same time, low enough so consumers will agree. The same tactic can be used to appeal to consumers that consult their peers for advice. If the economy is doing well, consumers will have more money, so companies can raise prices. However, if the economy suddenly falls, companies will have to lower prices again. Consumers will almost always relate the quality to the price of a product. Keeping this in mind, companies need to be able to price items based on how others view the quality.