Marketing is a market dynamic Essay Example | Topics and Well Written Essays - 750 words

Marketing is a market dynamic - Essay ExampleKeeping an eye on the individual objectives, today the holy philosophy of business has changed. What is followed is not the selling concept but the marketing concept. Once a overlap is marketed properly, sales automatically happen. Hence all efforts are to market the product. Marketing requires understanding the consumer behavior and acquire decisions. The marketing concept seeks on focusing what the consumer wants, even if it means coming out with new products. The take away of Consumer Behaviour is defined by Schiffman & Kanuk (Liesel Schwerdtfeger) as the study of how individuals make decisions to spend their available resources (time, money, effort) on role related items (what they buy, why they buy, when they buy, where they buy, how often they buy and use a product or service).Study of consumer behaviour has become the rule of the day. This is a very important aspect of marketing and all decisions depend upon this study. A stud y of consumer psychology helps firms to understand how consumers react. It gives an idea of how the consumer thinks, feels, reasons and selects between different alternatives available in the market, how the consumer is influenced by the society, socialization and the media. Different products have a different level of significance for different consumers and hence the motivation for distributively differs. Knowledge of these helps the firm to understand the needs, wants of the consumer, and adapt marketing strategy accordingly.