Consumer market and consumer behaviour essay

Creating Customer Experiences 15 Credits Over the past three decades, customers have gained centre stage in marketing education and practice.

Consumer market and consumer behaviour essay

These acronyms will come up though the whole course, as they impact upon all businesses that are successful and are aspiring to be. We will briefly consider these valuable business tools. To illustrate each of these business analysis tools, the following diagrams explain how they are applied and used: A good example of external opportunities and constraints is that of the building industry in the UK today.

The government is encouraging developers to build on 'brown field' sites as opposed to 'green field' sites. The constraint therefore is not being able to develop on green field sites while the opportunity is that of developing on brown field land.

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But, just as important as these three are, the greatest problem for business is threats — competition; regulation, compliance, etc. The best way of thinking about constraints and opportunities is to realise that good businesses will seek to turn constraint into opportunities, while at the same time building on existing opportunities.

Organisations should use their strengths such as having a good reputation, and experience in a particular field or segment of the market coupled with good marketing and resources, to build competitive advantage. In addition it is also important to be aware of the actions of your competitors.

These important forces are continually in a state of flux and any business large or small, should at regular intervals carry out a SLEPT Analysis.

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However, this has been adversely affected by international terrorism. This has had the impact of raising costs. PEST Analysis Before creating business plans or making decisions, it is important to 'scan' the external environment; this tool, is similar to the SLEPT analysis, be has a much greater depth and focus; that is more useful to larger businesses.

This can also be achieved through a PEST analysis, i. These forces are continually in a state of change in any business. Changes in the priorities for public spending or the UK 's relationships with other countries can open or close major markets. European Union EU regulations can have similar effects while the accession of new members eg Poland can bring business opportunities.

The economy goes through a series of fluctuations associated with general booms and slumps in economic activity.

Consumer market and consumer behaviour essay

Businesses will be more encouraged to expand and take risks when economic conditions are right, e. A major component of this is a change in consumer behaviour resulting from changes in fashions and styles. This is particularly true in terms of modern communication technologies. All businesses need to be aware of the latest relevant technologies for their business and to surf the wave of change.

There are many other tools for analysis that are currently being presented in academic learning and theory, but the three given here have stood the test of time, and are universally used across business and academic settings the World over.

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Selling a consumer product is not easy in present, as nowadays there is high competition in the market and everyone tries to attract consumers with different strategies.

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Consumer market and consumer behaviour essay

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