May 12, 2014
Consumer behavior is constantly changing. According to (Friesnar, 2014, Para.5) “Consumer behavior is the study of consumers and the processes they use to choose, use (consume), and dispose of products and service.” This paper will give the definition of consumer behavior and how it relates to the subject of marketing. Furthermore a product is selected that was recently purchased and how the 4 P’s, product, price, promotion, and place affected that decision.
Marketing is a useful tool that affects consumers daily and plays a significant importance in consumer purchasing. It generates decisions for the consumer whether they intend to buy a specific product or not. It also brings clarity and product knowledge for purchasing the correct item. People will research companies to find the best deal for their buck, especially in today’s economy. A successful company is one that knows how to correctly find their target market and feed off the public from current and popular demands.
In marketing there are the four P’s consisting of product, place, promotions, and price. Product is the first P in the marketing mix because any company must develop a product or a service for the intentions of selling. The product life cycle is then begun from the development of the product which is based off research and customer needs. The second P in the marketing mix is place. This is where a company must decide what their location will be and how the aspects of how the products is getting to end users. The third P is price which is the marketing element that determines the value of the product for the consumer. This is the most flexible component of the mix since it can be modified with quick changes. It is imperative to understand how companies will determine proper pricing strategies for their products or services and the factors that are affected. In order to...