Consumer behavior Essay Example | Topics and Well Written Essays - 2500 words

Consumer behavior - Essay Example This implies that for a positive feedback from the consumer, a lot of emphasis has to be made in ensuring that all these factors put into consideration (Arnold, James, and Scherbet Oliver 1999 p.30 par.4). 3. Consumer behavior is characterized by all of the following EXCEPT thoughts. These factors are characterized by consumers’ dynamism, interactions, exchanges, and predictability. Consumer behavior must be constantly monitored by the marketer because it is usually dynamic and therefore it changes constantly resulting to short product life cycles (Arnold, James, and Scherbet 1999 p.35 par.1). 4. The marketer must constantly monitor consumer behavior because the consumer is: creating new strategies for the products. To keep in touch with this trend, innovation and value addition are of paramount importance in order for the companies to remain profitable and retain their market share. This is achieved by creating new products, newer versions of existing products, new brands and creating opportunities for increased cross holding (Wilcox, Rhoda V 2001 p.34 par.3). 5. To keep in step with shorter product life cycles, many companies are innovating constantly and creating superior value for customers and staying profitable by all of the following ways, EXCEPT constantly changing. Innovation and value addition are of paramount importance in order for the companies to remain profitable and retain their market share. This is achieved by creating new products, newer versions of existing products, new brands and creating opportunities for increased cross holding. (Wilcox, Rhoda V 2001 p.41 par.2). 6. The relationship between the elements involved in consumer behavior is BEST described as: interactive. This is due to the fact that consumer behavior is mainly interactive and profit maximization which is the primary role of marketing must be cognizant of this fact (Arnold, James, and Scherbet 1999 p. 45