The Importance Of Consumer Behavior

As consumer behavior changes, mangers must be able to respond to these changes. Previously, marketing was centered on what is called the four P that is product, place, price, promotion. However, as consumer behavior changed marketers have since redefined these four Ps and have identified four new Ps. These are; people, process, programs and performance (Keller, 2012)

Marketing managers have realized that marketing is more that product and sales. They have recognized the importance of the new Ps. People plays an integral part of a business product. By people, we are referring to employees. Customers, vendors, suppliers and distributors. Since marketing is not about selling a product, but to maintain a relationship with the consumer that will

Image and social responsibility is just as important or in some case more important that a good product. Therefore, performance is very important to marketing today. The process of how they get to product to the customer. For example, a company will give a lifetime warranty on a product. Thus building a relationship with the customer. In addition, they may have a process that provide feedback to client.

Therefore, the new Ps is very important today’s business if a company want to be one-step ahead of the competition or if they want to remain competitive. They need to incorporate the four Ps in their

With the emergent of online shopping, individual no longer, need to leave the comfort of their homes to shop. Just the click of the mouse and a package is delivered no hassle. Business in order to remain competitive need to understand consumer behavior and be ready to adjust to changes of consumers and align their product to match the customer’s need. For example consumer have become health conscious over the years in a bid to respond to the changes in consumer’s demand for healthy products fast food chain such as McDonald have re brand their product, they are using real meat instead of GMO meat. Likewise Subway suffered from bad publicity when it was announced that will remove the ingredient azodicarbonamide from it’s bread. This is the same ingredient found in yoga mat (CBSNews, 2014). Subway’s image was tarnished since they were marketed as healthy choice with their tag line “eat fresh”. Also, because we live in an age of technology that is bombarded by social media and various watch group. Marketer are faced with a daily challenge of maintaining a positive image in the public’s eyes.

An article in Harvard Business Review have identified some challenges marketers’ faces today. One of the challenges identified is that the market need to “lead in substantial or transformational innovation” this means that company faces the challenge of identifying new products. They believe