Question attempted: If a Ferrari was £20k would they be as desirable? Essaie about the relationship between price, consumer behavior and marketing activities.
The relationship between price, consumer behaviour and marketing activities has always served as a guide for companies to ensure that their marketing activities will be able to be effective enough to bring sustained profitability and productivity to them. It remains important that companies are able to include the components of price and consumer behaviour before they execute their marketing activities to ensure that they will be able to achieve their marketing objectives over the long term. Price and consumer behaviour is always connected to one another. Most consumers especially those who belong to the middle and lower classes will prefer to buy products that are priced affordably. They will usually not look for branded products that will force them to spend a great deal of money. Instead, because of their limited budget range, they are forced to search for cheaper alternatives for the products and services that they need (Blythe 2008, p. 54). This may sometimes mean having to try new and unfamiliar products and services being offered by lesser known companies in an effort to spend less. Products made from China have become notorious for being very affordable, but the knack on these products is that they are usually lacking the quality that most products made in the West have. This is the best example that cheap products do not always deliver excellent performance. Thus, consumers belonging in the middle and lower classes have to always make that tough decision of choosing the best available alternative options for the products and services that they need to buy but also within their limited budget range. On the other hand, consumers who belong to the upper class do not really worry about the prices of the products or services that they want to use. This is because they have the money...
References: * Blythe, Jim. 2008. Consumer behaviour. Stamford, CT: Cengage Learning
* Hoyer, Wayne. 2008. Consumer Behaviour. Stamford, CT: Cengage Learning
* Kardes, Frank. 2010. Consumer Behaviour. Stamford, CT: Cengage Learning
* Kumar, Arun. 2004. Consumer Behaviour. Berkeley, CA: Atlantic Publishers
* Lantos, Geoffrey. 2010. Consumer Behaviour in Action. Armonk, NY: ME Sharpe
* Sandhusen, Richard. 2008. Marketing. New York, NY: Barron’s
* Wright, Malcolm. 2008. Consumer Behaviour: Applications in Marketing. Thousand Oaks, CA: Sage
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