From the course: Marketing Foundations: Consumer Behavior

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Why consumer behavior is important

Why consumer behavior is important

From the course: Marketing Foundations: Consumer Behavior

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Why consumer behavior is important

- Now that you understand what consumer behavior is, let's look at why it's such an important aspect of marketing. Marketing is all about taking actions that make your company more competitive in the marketplace. Those actions typically include analyzing and forecasting a market to understand its business potential. Marketers then develop a strategy to know where to focus their resources. They must segment, target, and position the offering, and finally, they have to execute their plan by developing a coordinated set of marketing tactics, including what products and services to offer, pricing, distribution approaches, and marketing communications. Hey, there's a lot at stake. If you get it wrong, you might be wasting a lot of money that could have been spent on other things, and even worse, you could lose valuable revenues and the profits that go along with those revenues. Hey, in the long term, you might start…

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