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What is the "Consumer Behavior and Marketing Mix" and why is it so important in strategy formulation and implementation?

The decisions a customer makes when purchasing a product or service is referred to as consumer behaviors. As a result, marketing aims to define, anticipate, and fulfill consumers' needs and wants. This consists of market research, product planning, pricing products, promoting products, and distributing or placing products (David et al, 2020). Understanding and defining the target market, marketers can develop a marketing mix using the "four P's of marketing": product, price, promotion, and place. These variables can include quality, packaging, distribution channels, advertising, discounts, etc. All aspects are important to consider when formulating and implementing a strategy that also is appealing to consumers. As consumer behaviors change over time, product strategies shift as well. Firms frequently evaluate whether to drop obsolete products, add new ones, or change features on existing products. For example, a snack food company may replace ingredients with artificial sweeteners or natural ingredients when consumers are showing a strong preference for healthy alternatives (Milano, 2021). Pricing can also shift due to consumer behaviors. For example, during a recession, many consumers stick to a budget and only spend money on necessary products such as housing, clothing, food, and utilities. Therefore, offering rebates or discounts would be a great strategy for meeting consumers' wants and needs (Milano, 2021).

David, F. R., David, F. R., & David, M. E. (2020). Strategic management concepts and cases: A competitive advantage approach (17th ed.). Pearson Education. ISBN-13: 9780135203699

Milano, S. (2021, August 23). The effect of consumer behaviour in marketing of an organization. Small Business - Chron.com. https://smallbusiness.chron.com/effect-consumer-behaviour-marketing-organization-17934.html