Marketing

Many believe that money rules the world; However in all reality it is the marketing strategies that businesses use to make people spend their money, that actually prevails over the power of currency.

Consumer buying behavior is a prime subject in the marketing world. When businesses ultimately understand the consumer’s needs, wants, and expectations then they can create a product and market the product accordingly. A number of consumers go by “ you get what you pay for”, which is a phrase often used due to consumers purchasing products that are less expensive but are for the same usage as another product that is more expensive. After purchasing the product and realizing the results, the consumer is disappointed and regrets ever buying the less expensive product. One of the major dilemmas that marketers face understands why consumers buy what they buy. For example, a consumer has two choices, A: to purchase a pair of Dr. Martin boots or B: to purchase a pair of Graphite boots from Wal-Mart. The decision is simple; of course, the consumer will choose a pair of Dr. Martins simply because of how it is marketed. Dr. Martin boots are well known to be able to: last, a long time without wear and tear, made of real leather, and comes with a warranty. The pair of Graphites on the other hand is known as just a pair of boots to wear. Consumers take the name brand and logo into consideration when making a purchase. Why? Because the name brand product is usually well known and the consumer is already aware of what can be expected from the product.

In the world of Marketing, culture plays its on role. Depending on what type of people the company wishes to reach, depends on how they will choose to market their product. Distinguishing your product or service from the competition can make your marketing more effective. For example, Marketers operating within their home countries tend to be very familiar with the prevailing culture, they may find it harder to recognize the significant cultural factors that influence domestic buyer behavior. Not only do marketers face obstacles within cultures for product but for others things as well. Euro Disney experienced a number of teething problems when it first opened in Paris of 1992. Research revealed, among other things that while Americans prefer “gazing” (or snacking) all day as they tour the theme park, Europeans want a full meal 12 noon and two pm. Due to Disney being use to the American culture, of course this was a speed bump for theme. Personally being marketing major, my advice for the situation might be to add not only more vendors but include more restaurant sit down areas, just in effort to put to the consumer first.

A factor that Marketers face is within Social Class. Social Class is mainly based on what group of people and their status fit well into class. Here again, as mentioned earlier money try’s to rule