Consumer Behavior And The Four P's Of Marketing

1018 words - 4 pages

Consumer behavior is the how, what, when, and why people buy, a blending of psychology, sociology and economics. Attempting to understand a buyer's decision-making process both individually or in groups can at times be impossible. Understanding peoples wants and needs to transform those into marketing a product the consumer wants and needs is what product, price, promotion and place are all about.Defining Consumer BehaviorConsumer behavior is defined by Hawkins et al. (2004): "As the study of individuals, groups, or organizations and the processes they use to select, secure, use and dispose of products, services, experiences, or ideas to satisfy the needs and the impacts that these process have on the consumer and society."Product, Price, Promotion, and PlaceProduct, price, promotion, and place the four P's of the marketing mix. This mix recognizes that marketing is customer focused and products are developed to meet the desires of groups of customers. Management of the product and product marketing are the specification of the goods or service and how it meets the customer's needs and wants. What product does the company sell? The answer to the question should speak about a customer desires and wishes not what research and development have come up with (Armstrong & Kotler 2005)Abraham Maslow's Hierarchy of Needs helps a marketer understand the significance of what an individual needs to what customer behavior is. Maslow's Hierarchy of Needs is triangular. Moving up towards the top of the triangle fewer satisfy high-level needs. At the bottom of the triangle is physiological needs, this is air, food, water and the basic needs to survive. Then second is security needs, humans have a place to live and protection from the elements and predators. The third level is social needs, this is were marriage, and friends come into play plus the state of being comfortable and accepted in a place or community. These last two levels are the levels that fewer satisfy; they are esteem needs, achievement, recognition, and personal satisfaction. Following is self-actualization, this is something very few realize, a person is one of a small number to do something. (Maslow 1943)Pricing is the process of applying prices to a product or a service. Once an item is priced, the price should do three things: achieve the profitability of the company, have customer's buying at the price set, and sustain the merchandises position. Placement is how the product is released and offered to the public. This may consist of the site of a store either brick and motor or online and delivery. Promotion is how the product or merchandise is priced or its availability to the target market, how the product is presented to the public. Promotion does consist of packaging, representation, name, trade name, logo, and branding. Placement is how the merchandise is distributed and how obtainable the product is to the public. This can include the location of a store, or online presence and...

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