Consumer behaviour towards a product or a service can be considered as to how an individual reacts to that product in what ways does an individual analysis the product. In today’s evolving society there are the many products on the market and it has become very competitive to sell a product. Consumers have also become known as they also have a variety of options in the market they choose the product according to their needs. So marketers have to consider this point that they have to position the product in the mind the minds of a customer in such a way that you can gain brand loyalty. Brand loyalty can always help you to retain your customers and make them not switch to other brands.
These day’s consumers so many options that they don’t always stick to one product. If they find one product not according to their needs then they switch to another brand so retaining brand loyalty is also a bigger challenge in the competitive market.
What are the five P’s that impact a product in terms of consumer behaviour?
The price of the product directly impacts the purchasing pattern of the customer as price should be according to the customers your targeting. Based on the income group of the individuals their preferences change so the price should also change accordingly or else you need to have the product according to the target group.
It is very important that you decide where do you want to sell the product as needs of the people differ according to the place they live. If it not a differentiated product then there are no issues as that could be a product which is useful for all individuals.
The most important thing is the product which you are trying to sell the customer because when you try selling the best product it is not difficult to sell such product in the market. As it is comparatively easy to convince the customers.
Promoting the product is not an easy job as that involves various platforms to choose from. This is the known fact that most effective medium is broadcast of the product. But it involves a lot of cost to it. And another problem related to cost is the prime time cost when you want to play the ad during the night time that becomes costlier. The advertising that is similar to broadcast is Lift video advertising because the elevator is the most common thing used by everyone it easy to draw their attention at that time as they are not busy doing anything. Captivate elevator advertising is the most effective method to draw the attention of the customers when they are idle.
It is also important to know that which audience you want to target as that is the deciding factor. As if target wrong audience that can cause the failure of your product. So target group should be decided according to the product you are trying to sell.
These five factors when considered can impact a consumer mind in an effective way.