Evaluate the importance of consumer behavior and explain its role in designing marketing strategies

The importance of consumer behavior

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‘The company hadn’t grasped the notion that ads increasingly interact. For instance, a TV spot can prompt a Google search that leads to a click-through on a display ad that, ultimately, ends in a sale. To tease apart how its ads work in concert across media and sales channels, our client recently adopted new, sophisticated data-analytics techniques’.

(Nichols, 2013)

Examining consumer behaviour is important for all industries as it contributes to the designing of more effective marketing strategies. In the Key Concept Exercise, you focus on the industry you are working in and critically evaluate the importance and benefits of understanding consumer behaviour.

Reference:
Nichols, W. (2013) ‘Advertising analytics 2.0’, Harvard Business Review [Online]. Available from: http://hbr.org/2013/03/advertising-analytics-20/ar/1 (Accessed: 5 December 2014).

To prepare for this Key Concept Exercise:

• Read the Required Learning Resources for Week 1.
• Think about the importance of consumer behaviour within your industry (UAE-Dubai).

To complete this Key Concept Exercise:

By Day 3, in an approximately 500-word response, address the following issues/questions:

• Evaluate the importance of consumer behavior and explain its role in designing marketing strategies. Justify your arguments by providing examples from your experience.
• In formulating your Key Concept Exercise, consider the following question:
  • Why is it important to study consumer behaviour in the industry you are working?

By Day 3, submit your Key Concept Exercise.

When writing your responses you should synthesise the theory with real-world experience and use examples of the theories in action in a real organisation about which you have read or one in which you have worked.

Be sure to read over your Key Concept Exercise before submitting it to your Instructor. Make sure the spelling and grammar are correct and the language, citing and referencing you use when providing your opinion are appropriate for academic writing.

The Key Concept Exercise for this week is not graded, but you will receive feedback from your Instructor to help you improve your work. Please take advantage of this opportunity to learn from your Instructor’s feedback—give the assignment your full effort and ask for clarification on any feedback you do not understand.