Consumer behavior was an essential course with extremely valuable lessons that I will carry throughout my entire marketing career. This class showed how fundamental some marketing principles are to brands and to increase their market shares, such as market segmentation, consumer perception, consumer attitudes, and the theory of planned behavior. These elements provide key factors that a brand needs to follow to truly get to know their target market, and market to them in the right way, at the right time.
Firstly, one of the most important things I took away from this course is how important market segmentation is to brands, how it determines different market opportunities for business. I also learned how market segmentation helps companies with product development and design for different services and mainly product pricing. It can also help brands in creating their marketing initiatives. In my career, I will use all of these tactics as a way to develop new products/services and lead my team into coming up with innovative ways to bring in new consumers.
Second, how consumer perception is one of the most critical factors when a brand thinks about product placement in a market, it can help with increasing consumer loyalty, trust, and mainly have an impact in their purchasing decisions. In the marketing industry, these elements can help with keeping the client base high, creating an emotional connection with the consumer for them to remain loyal to the company. In my future business, I now know that engaging with the clients on social media, whether negative or positive, the business is showing they care about their opinions. I will consistently engage with them on social media and in face-to-face interactions. My goal will be to engage with the client so much for them to feel like their opinion holds weight, which it does. Feedback through social media is extremely important to wide-ranging demographic that consumes most of their content through these platforms.
Third, how brands need to follow their consumer attitudes, a customer’s attitude is the consumer’s feelings, behavioral feelings, and beliefs about a product within a specific business. It’s essential to know they can be positive, neutral, or negative beliefs toward a product; they can also be known as an “affect,” and it lets the brand know the needs and wants the consumer has with the product or service, what they will be doing with the object or service. This is when the Multi-Attribute shows a brand how the consumer truly feels about the company and how they rate the brand’s services. I will be using this tool in my career since it allows brands to see what they need to improve on and help increase revenue and client base. It will help me come up with marketing strategies that will help improve the brand overall.
Lastly, one of the main takeaways was learning more about the theory of planned behavior, which is a process to predict and have companies have a good understanding of consumers’ behaviors. It consists of three major steps: behavioral attitudes, subjective norms, and perceived behavioral control. All of these factors need a consumer to have an intention, which will later proceed them make a purchase known as the behavior aspect of the method. This theory provides companies with an explanation as to how consumers do what they do. In my future company, this can lead us to gain more leads and surpass our competitors in the industry.
In my past couple of years in the marketing industry of the fitness industry, I have learned many tactics that I will carry throughout my marketing career but not like this class. The tactics I learned shows ways for a brand to have successful marketing campaigns, increase their revenue, and client base, and their consumer loyalty. All of these elements provide a brand with ways to get to know their consumers and find ways in how to improve their services and products. They will lead me to help my business succeed in their market share and stand out from their competitors. These main takeaways do genuinely show how important consumer behavior is to a marketer, a brand, and the marketing industry overall.