How Does an Understanding of Consumer Behaviour Help Marketing Managers

question 124

Essay

How does an understanding of consumer behaviour help marketing managers? Include the meaning of the major factors influencing consumer behaviour.

---

Definitions:

Profitability

A financial metric that measures the degree to which a company or business activity makes more money than it spends, indicating financial success.

Marketing Costs

Expenses related to promoting and selling products or services, including advertising, public relations, and promotional materials.

Brand Equity

The value and strength of a brand that determines its worth, influenced by consumer perception, recognition, and loyalty.

New Products

Goods or services that have been recently developed and introduced to the market by a firm.