Analyzing Consumer Markets and Buyer Behaviour

"Understanding the buying behavior of the target market is the essential task of marketing managers under the marketing concept". Ref: Kotler

He goes on to say that marketers find it useful to segment consumer groups & to develop products & services for these groups. If a segment is large enough, it maybe effective to implement focussed marketing programmes to these groups. The question is; how do you know if the segment is large enough ? The answer lies in the area of cost v benefit - if the benefit is greater than the cost, then it maybe worth creating tailored marketing programmes to segmented groups.

Marketers should seek to understand the buyer behaviour and in particular, how consumers respond to "marketer-controlled stimuli" - if marketers understand this relationship, then it can be used to maximise ROI of valuable resources. This level of understanding will also help develop competitive advantage and help with growth in market share.

The consumer buyer behaviour is influenced by a range of factors; cultural, social, personal and psychological. This chapter explores all of these in great detail and I believe can still be useful for today's marketer seeking to gain the best understanding of their target segment as possible.

Kotler goes on to talk about the process the buyer actually goes through and talks about the buying decision, the type of buying decision involved and the steps in the buying process.

An effective marketing programme must show an understanding of the consumer buying behaviour and how groups respond to marketing messages and also allow for the buying process itself and allow for the steps in the buying process.

Since 1988, the world has become even more complex and for us marketers, the task of understanding our consumers has become even harder. But, if we are to be successful, we must understand our buyers, the buying behaviour and how outside factors influence them in choosing a brand and once the brand choice has been made, what factors will affect the buying process.

Another chapter full of very insightful thoughts and very practical ideas for today's marketer.