As I continue my research on marketing for my capstone project, I have come up with further questions to help guide me along the way. I am also finding new sources that will give me different insights into the world of marketing. Some of these sources include online articles, books which are currently on hold at the library, and an interview with someone in the marketing field. Hopefully these will help me to further my research. Although I mentioned it in my last blog, I think it is always important to revisit my main question, How does marketing affect consumers and their purchases? I have created a graphic with my main question and other questions that I think will help me answer it.
I have already answered three of those questions in my last blog, so I will work on answering the other three in this blog.
(1) What turns consumers on and off?
Some of the things that can turn consumers off:
-High prices
-Hidden information
Some of the things that can turn consumers on:
-Honesty
-Practicality
-Good prices
(2) Why do consumers buy specific products?
- They are aware of the product
- They understand the benefits of the product
- They feel your product has a perceived value
- They see how your product meets their needs
- The product is accessible to them
I decided to look at this topic more in-depth by using the Graff Template:
The general argument made by Laura Lake in her work Top 5 Reasons Consumers Don’t Buy From You is that consumers have needs and if companies are not meeting those needs they will not buy from you. She writes, “The truth is consumers have needs and steps that they go through that persuades them to buy. If your marketing is not meeting those requirements it is probably the reasons your product is not selling.” In this passage, Lake is suggesting that you should evaluate how you can better market your product to increase sales. In conclusion, Lake’s belief is that if you can satisfy these 5 reasons, you can increase sales. In my view, Lake is right, because her marketing suggestions are convincing. More specifically, I believe that if any business were to implement her suggestions, their products will increase in sales. For example, if a company marketed a product in the way Lake suggests, I would most likely be convinced to buy the product. Although Lake might object that her 5 strategies are not the only key to increase sales, I maintain that they are effective and useful. Therefore, I conclude that when companies meet the needs of consumers after evaluating why consumers don’t buy from them, their sales will increase.
(3) What are the needs of consumers?
“The most important goal of a brand of business is to find a unique consumer need and fill that need with its solution.”
“Consumer Need – is a consumer’s desire for a product category’s specific benefit on a functional or emotional level during a specific time or situation.”
>Functional performance
>Lower price or short-term price incentives
>Variety
Thanks for continuing to read my blog! I hope you are learning about marketing as much as I am!
-Emily
{Emily Wick~Senior Capstone} 