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

Marketing is a market dynamic - Essay Example Keeping an eye on the individual objectives, today the entire philosophy of business has changed. What is followed is not the selling concept but the marketing concept. Once a product is marketed properly, sales automatically happen. Hence all efforts are to market the product. Marketing requires understanding the consumer behaviour and purchasing decisions. The marketing concept seeks on focusing what the consumer wants, even if it means coming out with new products. The study 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 consumption 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 study 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, culture and the media. Different products have a different level of significance for different consumers and hence the motivation for each differs. Knowledge of these helps the firm to understand the needs, wants of the consumer, and adapt marketing strategy accordingly.