Register now or log in to join your professional community.
Yes types of buyer and consumer have major impact on marketing strategy as it is directly related to revenue and profitability. Through market research and surveys, prior to and after launching of products on the market, market information is collected about buyers and consumers, buying trends, habits, patterns etc. and marketing strategy is reviewed and re aligned accordingly.
Target Market Selection
Before it can effectively market its product, a firm needs to pinpoint exactly which potential buyers will be the focus of its efforts. Otherwise, it risks wasting money and time on people who are loyal to other brands, uninterested in the product category or unresponsive for other reasons. These buyers are often selected based on demographic features, like age, sex or income. They also can be identified by the lifestyle, personality and attitudinal characteristics known as psychographics.
The type of buyer or consumer has a huge impact on marketing strategy. This is due to the fact that the marketing strategy needs to based around the buyer or consumer. The marketing strategy should grab the attention of the target audience, so that they will be more likely to purchase that brand. The marketing strategy will consist of promotion efforts, product pricing, product distribution, and the product itself. All aspects must be idea for the target audience to be effective.
I see that a marketing strategy is usually based on satisfying customers' needs for the subject product/service in the target makets in order to satisfy the company's overall strategy.
Marketing is all about the consumer. The consumer is the one whom the market is created for. His needs, how to target them, who to target, what is the best price that suite him/her... etc. so yes off course, the consumer impact the marketing strategy because he/she is the cause of why there is smith called a market strategy from the beginning
Marketing strategies are always build around your audience, not the other way round, so type of buyer/consumer is the base of all marketing strategy.
Of course
