A Report Into Consumer Behavioural Theory and Its Implications for Benecol’s Marketing Strategy
A Report into Consumer Behavioural Theory and its Implications for Benecol’s Marketing Strategy
Executive Summary * Understanding consumer behaviour allows us to engage more effectively with our target market and increase sales * It is vital we understand the needs of our target market and their motivation for purchasing Benecol or alternative products. * Giving Value to a product after we understand our consumers’ needs and motivation for purchase can increase positive interaction with our market. * When marketing a product, it is advised that the advertisement attaches itself best to the needs and value of consumers with relevant and engaging information. * Creating a psychological struggle for customers as well as curing it can be vital to increase market share and customer satisfaction. * Overcoming pre-purchase alternatives to Benecol is a great challenge due to the highly saturated market the brand finds itself in, although this is not impossible as promotion of the products health benefits can lift it. * Consumers can be conditioned to relate to Benecol both consciously and unconsciously through various marketing and production techniques. * Marketing strategies can be put in place which are directly or indirectly linked to the purchase or use of the product that gain short or long term boosts in sales or customer satisfaction such as sales promotions or school giveaways to promote health in children which improves brand reputation. * Taking advantage of every point of interaction between the product and the consumer can greatly increase the likelihood that a customer will become loyal to the brand and perhaps even aid the increase of market share.
Introduction
Consumer behavioural theory gives marketing departments the opportunity to gain a more effective understanding of the customers they have or wish to attain. The theories attached to this subject emotional, cognitive and psychological reaction to marketing and brand
Executive Summary * Understanding consumer behaviour allows us to engage more effectively with our target market and increase sales * It is vital we understand the needs of our target market and their motivation for purchasing Benecol or alternative products. * Giving Value to a product after we understand our consumers’ needs and motivation for purchase can increase positive interaction with our market. * When marketing a product, it is advised that the advertisement attaches itself best to the needs and value of consumers with relevant and engaging information. * Creating a psychological struggle for customers as well as curing it can be vital to increase market share and customer satisfaction. * Overcoming pre-purchase alternatives to Benecol is a great challenge due to the highly saturated market the brand finds itself in, although this is not impossible as promotion of the products health benefits can lift it. * Consumers can be conditioned to relate to Benecol both consciously and unconsciously through various marketing and production techniques. * Marketing strategies can be put in place which are directly or indirectly linked to the purchase or use of the product that gain short or long term boosts in sales or customer satisfaction such as sales promotions or school giveaways to promote health in children which improves brand reputation. * Taking advantage of every point of interaction between the product and the consumer can greatly increase the likelihood that a customer will become loyal to the brand and perhaps even aid the increase of market share.
Introduction
Consumer behavioural theory gives marketing departments the opportunity to gain a more effective understanding of the customers they have or wish to attain. The theories attached to this subject emotional, cognitive and psychological reaction to marketing and brand
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