MKT510 - Customer Behaviour and Strategic Marketing Decisions - Marketing Assignment Help

STRATEGIC MARKETING DECISIONS AND CUSTOMER BEHAVIOR MARKETING 

When attempting to strengthen their competitive advantage, many businesses refer to their
efforts as strategic marketing. Through a marketing plan, strategic marketing involves outlining
the company's overall business procedures and direction. It considers a variety of factors, such as
the demographic behavior of the customers and firm performance, in order to reach business
objectives.

Strategic Marketing Decisions
Strategic managers must turn the findings of this study into a range of choices and select the best
one from the list. Choosing a directed strategy, creating a mission statement, and allocating
resources are all examples of strategic decisions made at the corporate level. Strategic managers
at the SBU level must decide on a generic strategy (such as cost leadership or functional sectors
within the corporation are connected to strategic decisions made at the functional level (i.e.,
marketing, production, etc.). Strategists in the marketing field should think about choices
including what items to sell, which market segments to target, and market positioning tactics.

Strategic Marketing at Corporate level
When we choose a directional strategy, executives at the corporate level were found to typically
select a directional strategy from three broad directional orientations, sometimes known as grand
strategies:

• Growth strategies: Increase the company's operations.
• Stability tactics: keep performing the same tasks as before.
• Retrenchment tactics: Scale back the company's operations.

Customer Behavior Marketing
Customer behavior has two components: first, the decision-making process that involves
complicated variables, and second, the customers' final purchase activity.
A consumer goes through each of the five stages when making a purchase as follows:
1. The purchase decision-making process starts with the consumer's recognition of a need or
demand. Marketers should do research on consumer wants and the suitable items.
2. Consumers try to find information about the goods or services that will meet their
demands during the search of information. Buyers can find out information from a variety
of sources, such as private and public sources.
3. Consumers utilize this data at this point to evaluate competing brands in the option set.
Consumers evaluates before making the decision for purchasing any good. Marketers
should research consumers to understand how they evaluate brands before making a final
purchase.
4. At this point, the consumer makes their final purchase of their selected brand. Here, two
factors—the attitude of other people and the unexpected environmental factors—come
between the intention to buy and the choice to buy.
5. In this stage, marketers take further action after the purchase based on their satisfaction or
dissatisfaction achieved after using the product or service.

Consumer Behavior follows a pattern to take a decision of purchase as:

• Place of purchase
• Purchase of items
• Time and Frequency of Purchase
• Method of purchasing items

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