Blogs Article Example | Topics and Well Written Essays - 750 words

Blogs - Article Example The consumer knowledge leads to active role of the consumers in putting forward relevant queries on the products sold and also clears any confusion that may be present in the minds of the purchasers. China, for example has overtaken the US in the automobile market sales in 2009. This is due to the fact that with the spread of globalization, the Chinese consumers have become increasingly knowledgeable and aware about the automobile products. The tastes and preferences in the market have become rationale due to the aspect of consumer knowledge. The availability of information with the customers prior to the point of transaction provides an idea on the value of the product and also judges the aspects of price, economy, efficiency and product safety. Thus consumer knowledge enables to take informed decisions and influences the purchase behavior. Is impulse buying really impulsive? There are many instances happening around us where it could be observed that customers take decisions of pur chase just by looking at the product. It apparently looks as if the customer had no intentions of purchase just a few moments back but suddenly decides to buy the product. Researches on impulse buying suggest that these impulses exhibited by the customers are primarily the effects of underlying emotions and feelings or sentiments that are instigated at the occurrence of a specific event. This means that the intentions of obtaining the product features are hidden which comes out due to the impulse of a certain incident. It would be unreasonable to think that the customers have never experienced such emotions or feelings before and that sudden flow of emotion and feeling has led to the purchase of the product. The marketing specialists look to utilize the impulse buying behavior of the consumers in order to increase the sell of their products. For example, a customer going to purchase clothes and garments is not likely to buy cakes and chocolates. However, marketers adopt the techniqu es to bring out the basic needs and desires of the customers in order to influence impulse buying. The chocolates, cakes, fashionable toys are displayed in the counters. The electronic items and accessories may be wrapped up with national flags of a particular country. By looking at these items, some customers experience sudden flow of emotions and passion. This leads to the intent of purchase and thus influences the purchase decision. Market segmentation methods vary from one company to another The companies are better off in targeting a segment of the market rather than focusing on the entire market. This would lead to a more profitable and sustainable business as the product and services offered by a company may not fulfill the needs of the broader market (Kotler 15). In order to narrow down on the market segment whose needs are fulfilled by its products and services, an analysis of the target market segment is necessary. The cost of the marketing and promotion of its products an d services are reduced and increased revenues are earned by the company from the identified market segment. The companies undertake market segmentation based on the features of their offered products. For example, a merchant selling umbrellas and water-proof jackets may divide the market based on