What is the “Consumer Behavior and Marketing Mix” and why is it so important in strategy formulation and implementation?
Study of individuals, groups, behavior of purchasers, usage of goods and services, and buying behavior. Consumer behavior covers the major part of consumers' psychology, motives, and intentions in purchasing and using or consuming products and services.
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Consumer behavior refers to the comprehensive study of analyzing the effects of psychological, emotional, and environmental factors on the buying decisions of consumers. The study of consumer behavior helps companies to categorize their consumers into occasional and regular buyers, which further facilitates the marketers in determining the advertising and marketing strategy for the company.
Marketing mix refers to the combination of various marketing tactics employed by the companies, that help the marketers in increasing product sales and expanding their customer base. The main elements of the marketing mix are product, price, promotion, and place (also, known as the 4 Ps of the marketing mix).
