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FACTORS INFLUENCING CONSUMER BEHAVIOR AND FUNCTIONS OF MARKETING

This assignment looks at the factors influencing consumer behavior, elements of the marketing behavior, and functions of marketing. Mainly, there are five common factors influencing consumer behavior: psychological, social, and cultural, personal, and economic factors. Psychological factors are crucial in determining consumer behavior and are powerful in influencing the buying decision. However, human psychology is difficult to measure. Common psychological factors include motivation, perception, learning, and beliefs. Social factors arise as people are social beings and thus get influenced by people around them. Primarily, social factors include family and reference groups. A good marketer should understand the factors influencing consumer behavior and the functions of marketing.

FUNCTIONS OF MARKETING AND IMPORTANCE OF MARKETING

There are several functions of marketing, including research, product, distribution, management, and sales promotion. Mainly, research involves actual and potential buyers and determining why and when they buy goods. Moreover, it consists of determining how to expand the market for goods promptly. Developing new products is the next function, and the marketing function should be attentive to the existing products. Furthermore, it should make a product the main functions of marketing.

the functions of marketing and the importance of marketing

ELEMENTS OF A MARKETING ENVIRONMENT AND FACTORS INFLUENCING CONSUMER BEHAVIOR

The elements of a marketing environment affect the functions of marketing and they include, ever-changing customer preferences and competition. Moreover, they include a business’ resources and budget, current trends, and the economy. A business can become successful by focusing its marketing plan on the current market trends and consumer preferences. Notably, companies that fail to consider major trends end up trailing competitors in a given industry. Thus, a company’s budget plays a crucial role in marketing decisions as it dictates the level of advertisement bought. Also, competitors need to get factored in marketing decisions. Lastly, s business should understand the factors influencing consumer behavior and the functions of marketing to become successful in any industry.

the elements of a marketing environment and factors influencing consumer behavior

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