Marketing Management Relationship Approach

Question: Discuss about the Marketing Management for Relationship Approach. Answer: Introduction The success of a product or service based company is based on the behavioural approach to its consumers or clients. They need to satisfy their wants, desires, and needs to grow their business. Consumer behaviour analysis plays a vital role to achieve this business objective. It is a type of market study of individuals, groups or organizations that are involved in the buying process. This concept is a blend of elements from social anthropology, psychology, economics and marketing (Cohen, Prayag, and Moital, 2014, pp.872-909). The objective of consumer analysis involves the study and observation of emotions, buying behaviour and attitudes of the consumers. Below diagram represents the ways and factors that form the components of consumer behavioural analysis. Situational analysis in the consumer behaviour study helps in better understanding the questions related to the behavioural approach of the consumer like what to buy, why to buy, how to buy, when to buy, etc. It is the temporary force that is primarily related to the immediate purchase environment that directly affects the buyers. Some of the situational influences are consumer mood, temporal factors, physical surroundings, purchase motivation and social interactions (Biswas, and Roy, 2015, pp.463-468). Depending on the mood, the consumer decides what to buy and where to buy. Such temporary factors are common in market-place and keep on changing depending on the demographics, seasons, occasions, cultural factors, etc. For example, during Christmas, the sales of clothes and other accessories goes high compared to other non-occasional days. SWOT Analysis Like various marketing analysis tools, SWOT analysis is also a tool that is considered to be a straightforward model that helps in analysing the strength, Weakness, Opportunities and Threats of an organization to build its marketing or business strategy. It includes both internal and external analysis of the organization (Cohen, Prayag, and Moital, 2014, pp.872-909). SWOT analysis helps in providing a competitive insight to the potential skills and predictive critical issues that might impact the organization. It also helps in determining the positive and negative factors that would influence the business so that effective ways could be developed to handle the situation and add value to the business. Below figure is a typical presentation of the template used to conduct SWOT analysis. This concept is organization specific, and each company uses it to understand the market and the existing competition level. It contributes to the understanding of the consumer behaviour to a great extent. Target market refers to a group of potential customers to whom a company aims to sell their products. Targeting a specific demographics or population is also a part of decision-making in the business. This too requires a lot of market study and business analysis before finalizing whom and where to invest. Target markets are decided based on the fact that what kind of products the company is producing and identifying the potential customers showing interest towards it (Foxall, 2014). Thus, consumer behaviour analysis helps in deciding the target market for most of the company. Many companies try to capture the market through offers and discounts just to attract the customers. Economy and lifestyle of people also help in deciding the target market as well (Spurling, McMeekin, Shove, Southerton, and Welch, 2013). For example, digital gadgets are more likely to be sold in urban place as compared to the rural region. Marketing Mix Strategy Like SWOT analysis, Marketing Mix Strategy is also a business tool that helps in producing desirable responses from its target market. It consists of a set of tactical and controllable marketing elements that could be used by the company to influence its demand in the market (Biswas, and Roy, 2015, pp.463-468). Traditionally, 4Ps defined the backbone of the marketing mix, which includes Product, Price, Place and Promotion. However, with advancement in technical approach, the advanced marketing mix includes 7Ps, and those are Product, Price, Place, Promotion, People, Process and Physical Evidence. Consumer behaviour is crucial for the development of the Marketing Mix Strategy. The company needs to understand what will attract the consumer of the target market ad accordingly they will build their marketing strategy. Five basic questions help in conducting the market research, who buys, why do they buy, when do they buy, where to they buy and how do they buy. In business terms, budget constraints or budget line is one of the important elements in understanding consumer behaviour. It is a mathematical presentation of a price range of all t goods and services that a consumer would be able to buy within his income level (Schiffman, O'Cass, A., Paladino, and Carlson, 2013). It shows all the combinations possible for analysing the consumer choice and buying capacity. It can be calculated in a graphical manner. Mathematically, budget line is, This is also known as the preference map for consumers preferences and interests. It leads to two good cases to buy. Most of the companies utilize their best resources to maximize the issue related to consumer behaviour limiting the availability of the existing resources (Wu, Yeh, and Woodside, 2014). Budget lines helps in identifying the number of good bundles that a consumer can buy within a limited range of income. Implementation There is an in-depth relation between the marketing concept implementation and consumer behaviour. Both are the basis of business decision-making, yet each one contributes in a different manner. The market researcher needs to understand both of the above before implementing any kind of business strategies. Some of the major steps involved in the decision implementation process are, recognizing the issue or scope, searching and gathering of data and information, evaluation of the collected data, making a marketing decision and finally, post-marketing market evaluation (Schiffman, O'Cass, A., Paladino, and Carlson, 2013). Consumer behaviour analysis implementation can be carried out through various methods like data mining, focused group formation, surveys, sampling techniques, online research, observations, etc. Implementing different types of methods would help in gathering a wide range of data and the result will be more accurate. Consumer behaviour analysis evaluation is yet another important step that defines the level of market competition the company is holding. It will also help in extracting some of the major business loopholes that need attention and some of the areas that need modification (Hollensen, 2015). Consumer behaviour analysis evaluation can also be done through various ways like, analysing online responses to the business activities, conducting polling for different clients or customers to gather their feedbacks, offering free samples to some consumers, observing the purchasing and buying attitudes of some customers, etc. Evaluation process provides documented evidence of the change in the trend of the consumer behaviour and accordingly business or marketing strategies could be transformed (Solomon, 2014). Also, it is important to keep a back-up of some alternatives that would be helpful during an emergency or in a quick decision-making process. A number of alternatives should be based on the type and scale of business. Conclusion From the above discussion, it was cleared that what kind of impact the consumer behavioural analysis can put on the business strategies and decision-making process. On the other hand, factors like social, geographical, cultural, situational, etc. directly impacts the consumer market, thereby influencing the consumer behaviour (Neuendorf, 2016). Various tools and techniques are developed that will support the analysis process. Tools are also available to gather data and information useful for consumer behaviour analysis. References Biswas, A. and Roy, M., 2015. Green products: an exploratory study on the consumer behaviour in emerging economies of the East.Journal of Cleaner Production,87, pp.463-468. Cohen, S.A., Prayag, G. and Moital, M., 2014. Consumer behaviour in tourism: Concepts, influences and opportunities.Current Issues in Tourism,17(10), pp.872-909. Foxall, G.R., 2014.Consumer Behaviour (RLE Consumer Behaviour): A Practical Guide(Vol. 3). Routledge. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Neuendorf, K.A., 2016.The content analysis guidebook. Sage publications. Oliver, R. L. 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