Significance of Consumer Behavior Audit Essay Example

Significance of Consumer Behavior Audit Essay Significance of Consumer Behavior Audit Name: Institution: Significance of Consumer Behavior Audit We will write a custom essay sample on Significance of Consumer Behavior Audit specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Significance of Consumer Behavior Audit specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Significance of Consumer Behavior Audit specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Introduction Consumer behavior audits are useful instruments in assessing all the features of decision making in marketing including positioning, segmentation and other elements of the marketing mix. Fundamentally, a consumer behavior audit seeks to discover the attitudes of consumers concerning a certain product, any necessary improvements, as well as their usage of the specific products. The first paragraph evaluates the components within a consumer-marketing audit while the next paragraph illustrates the importance of conducting consumer-marketing audits to a company. Lastly, the conclusion summarizes the main points in the essay and stresses the significance of the process. The market segmentation section addresses internal, external and situational influences that affect the purchase decision. The product position section in the audit is concerned with how consumers perceive the product in relation with other competing brands. The pricing section of the audit essentially tackles the price of a certain product in line with the demographics, competing brands and need (Krishna, 2013). Lastly, the distribution and promotional strategy are also contained in the audit. Consumers solve different problems and act as centers of decision-making. These consumers receive a large of information, interpret it using the present situation, and react in a manner that allows them to realize contentment. Consumer purchase choices may be as trivial as a meal, or as significant as a skyscraper, however, the process remains remarkably similar. The main process in all these activities is purchase involvement (Pride et al., 2011). Significance The five vital steps in the consumer-marketing audit are highly intensive and investigative in nature. When implemented in the appropriate way, they can yield vast information on how consumers feel, think and choose certain products over others. By accomplishing the five vital steps in the audit and precisely solving all the related matters concerning customer influences at every level within the stages, marketing administrators can have a systematic comprehension of the factors that control consumer behavior and the crucial decision parts where these influences are triggered. Consumer marketing audits can serve as useful tools in verifying the number and type of consumers that purchase a particular product (Hawkins Mothersbaugh, 2010). Consumer marketing audits are also indispensable in that they identify flaws in the marketing approaches of a company. To recognize a decrease the amount of direct losses or drop in the number of consumers, a regular audit procedure is conducted. Certain departments can realize perpetual losses through corruption or inefficient structures such as misdirected advertising, over-budgeting, and poor investment in human resources. Consumer marketing audits also help by bringing in professionals who are skilled in analyzing the market and consumer behavior (D’Souza, 2009). This is extremely beneficial to small and medium enterprises that may lack an established marketing department. These external auditors also easily identify areas where the company is suffering the most. Conclusion Most companies have shifted towards increased research into consumer behavior with the intent of understanding their thought processes, experiences and feelings when they need to purchase a product. Different strategies of collecting consumer information and behavior have been developed globally. In my opinion, these efforts are highly effective especially when the information is interpreted correctly and translated into strategies. References D’Souza, S. (2009). The brain audit: why customers buy (and why they don’t). Auckland, N.Z., Psychotactics. Hawkins, D. I., Mothersbaugh, D. L. (2010). Consumer behavior: building marketing strategy. Boston, McGraw-Hill Irwin. Krishna, A. (2013). Customer sense: how the 5 senses influence buying behavior. New York, Palgrave Macmillan. Pride, W. M., Hughes, R. J., Kapoor, J. R. (2011). Foundations of business. Australia, South-Western Cengage Learning.