Marketing Strategies and Consumer Behavior

Study Notes

Marketing Approaches

Marketing aims to influence perceptions and persuade purchases
Two complementary approaches:
- Factual: Relies on clear facts, features, and benefits (e.g., saving money on bills)
- Emotional: Focuses on feelings, aspirations, to drive impulse purchases (e.g., environmental benefits)

Consumer Behavior

Consumers don't buy products, they buy what the product does for them, how it makes them feel, or what it says about them
Example: A hammer isn't bought for ownership, it's bought for repair ability.
A TAGHeuer watch, while functional, suggests masculinity and innovation

Marketing Strategy

Marketing is about showing potential customers how your offering can improve their lives
Key first step: understand the environment, customers, and access methods
The marketing strategy should be informed by the understanding of the environment

Understanding Your Environment

A business's brand isn't isolated. Many factors affect it
Business has control over some elements (Micro factors), others aren't controllable (Macro factors).

Micro Factors

Internal elements or factors a business somewhat controls.
- Brand itself
- Unique Selling Point (USP)
- Digital offerings
Micro factors are influenced by macro factors

Macro Factors

Macro factors represent the bigger picture
Important to track macro trends while remaining engaged in micro details

Description

Explore the two primary marketing approaches: factual and emotional. Understand how consumer behavior influences purchasing decisions and how to develop effective marketing strategies by analyzing the environment. This quiz helps you grasp the key concepts essential for any successful marketer.