Consumer Behavior and Product Development Analytical Essay by Nicky

Consumer Behavior and Product Development
An exploration of consumer behavior and its implications for product development.
# 128331 | 2,600 words | 4 sources | APA | 2010 | US
Published on Jul 12, 2010 in Business (Marketing) , Business (Consumer Behavior)


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Description:

The paper explains the effect of preference on consumer behavior and the utility theory of consumer behavior. The paper further explains how consumer behavior is susceptible to the influence of group behavior and positive associations and is also impacted by the psychological desire of individuals to identify with high-profile individuals. The paper then considers other elements of consumer behavioral tendencies that are reflected in the strategic placement of products. Finally, the paper shows how consumer behavioral information allows product manufacturers to implement design changes and even to conceive of new products precisely tailored to the desires of their consumers.

Outline:
Introduction
Rational Behavior and Preference
Price, Budget Constraints, and Utility Theory
The Dynamics of Modern Society, Media and Consumer Behavior
Consumer Behavior and Product Development

From the Paper:

"Classical microeconomic theories of consumer behavior have traditionally focused on the effect of rational consumer behavior or on the impact of economic resources on consumer behavior. Rational behavior principles suggest that consumers choice is primarily a matter of personal preference, whereas utility theory of consumer behavior maintains that consumer choices reflect their attempt to secure maximum usefulness from their available financial resources.
"While classical theories still apply in contemporary American society, various aspects of modern culture, the role of mass media, and the realities of the digital information age may have fundamentally changed many elements inherent in the analysis
and understanding of consumer behavior. Likewise, the data collection and analysis techniques and marketing opportunities available to 21st century providers of goods and services has forever altered the degree to which consumer choice is actually capable of being shaped and exploited for profit."

Sample of Sources Used:

  • Belch, G, Belch, M. (1998) Advertising and Promotion: An Integrated Marketing Communications Perspective. New York: Irwin/McGraw-Hill.
  • Halbert, T., Ingulli, E. (2000) Law & Ethics in the Business Environment. Cincinnati: West Legal Studies.
  • Howard, M. (2005) We Know What You Want: How They Change Your Mind. New York: The Disinformation Company.
  • Ogilvy, D. (1983) Ogilvy on Advertising. New York: Vintage Books.

Cite this Analytical Essay:

APA Format

Consumer Behavior and Product Development (2010, July 12) Retrieved September 20, 2020, from https://www.academon.com/analytical-essay/consumer-behavior-and-product-development-128331/

MLA Format

"Consumer Behavior and Product Development" 12 July 2010. Web. 20 September. 2020. <https://www.academon.com/analytical-essay/consumer-behavior-and-product-development-128331/>

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