Question

1.Give three reasons of how does an understanding of the consumer behavior of your target market impact planning/tactics of marketing strategy?

2. Based on your understanding of Millenials and their interests/behavior, pick a two product of interest and explain what appeal you would use to market that product to Millenials.

3. Explain the differences of consumer behavior for High involvement purchase and Low Involvement purchases.

4. Pros and cons of high and low involvement purchases

Answer 1

1.

Reason 1: Understanding consumer behaviour of the target market would help me understand their price sensitivity. This will help me devise an effective pricing strategy and promotional strategies like discounts, sale, and coupons.

Reason 2: Understanding consumer behaviours of the target market would help me determine the appropriate communication channels (like print media, TV, social media, outdoor advertising, etc.) through the target market can be reached to derive maximum response.

Reason 3: In addition to the marketing channels, marketing message can also be effectively developed after understanding the consumer behaviour of the target market. The marketing message is effective only when the message has been developed and communicated after understanding consumer behaviour of the target market.