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  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

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Question 1: Explain why companies need to understand consumer behavior.

Answer 1

It is a very simple question to answer, but I have seen many companies that struggle to answer to this question and goes out of business. A company generates profit by selling something in exchange of cash. Who is it selling to? Or Who is paying cash? We all know that answer ‘Consumer'.

When Consumer goes to a supermarket and wants to buy body soap and there is aisle full of different soaps. He will choose the soap that will best satisfy his needs and wants. There is only one way a company can make sure that there product satisfy consumer need is by studying consumer behavior.  

Understanding consumer behavior will allow companies to design the product, which will best meet customer's needs and wants. In addition, it will also help company to choose the cost at which the customers would be prepared to purchase that item. Lastly, it will help companies to understand what other factors that influence consumer's decisions.

If a product is successful in satisfying consumer, he will purchase the same item again. Studying consumer behavior also helps companies to retain customers.

Question 2: How do you think companies can gain consumer insight from engaging in social media?

Answer 2

Social media allows companies to draw those consumers who are thinking to leave the company. Social media provides a platform to companies where they can discuss directly with a customer who might have had a bad experience and gives them an opportunity to make it right. By utilizing the data companies have found through web-based social networking information, they have the chance to take part continuously with consumers to discover what they need, what they require and what they're anticipating from the administrations you are giving.

For what reason would they are switching brands? After a company had looked into why a customer might need to leave your company, go above and beyond and discover whom they're going to. What is it, particularly, that is driving them to change to your competitor? Maybe the contender offers quicker service or a lower cost. Utilize this information and improve your product or service.

Social media helps to attract and retain customers- As mentioned before, social media is great platform for addressing dissatisfied customers, but it also connects company with the satisfied customers. Through Social media companies can thank their happy customers for their ongoing support and love they have showed towards the company. This small effort keeps consumers connected with the brand and also attracts new customers.

Social media gives consumer freedom of writing. Consumers can easily go online to write and share their experience about a product or a service unfiltered with millions of people. Companies closely monitor social media to evaluate how their product is meeting consumer needs, but it also gives them access to information on how their competitors are doing and what flaws are customers experiencing with their products. What do they like? What do they dislike? What do they wish the company was offering or doing better?

Question 3: What is a social influencer (SI)? Explain what makes a good SI partnership from the consumer perspective, the brand's perspective and the influencer's perspective.

Answer 3

Ravinder Singh Sidhu (born 1969) is a British humanitarian and founder of the international non-profit aid and relief organization Khalsa aid

Ravi has been working as a humanitarian since 1999, when he had the idea of taking the concept of langar aka Sikh community kitchen to regions of the world that needed it the most with the hope that it will help to rekindle people's trust in humanity.

Social Influencer Marketing Is Credible

Social influencers invest a significant time and energy in winning the trust of their followers. This is certainly not accomplished medium-term. Influencers share their own life story to draw the attention of their followers. Their followers regularly ask them about recommendations of what to wear, eat, watch etc. Some followers even look up to them and make them their role models and start doing and believing things what social influencers say.

When social influencer markets a product they are not pushy like companies, their primary aim is to win the trust of their followers by genuinely engaging them. This helps them to create long lasting relationships with their followers.  At the point when adherents are truly connected with, they are a piece of an enduring association with their influencers. At the point when a wonder such as this occurs, it imparts steadfastness and trust in their brains. They have confidence in the individual they are following. What's more, they trust their recommendation and suggestions as well.

They know their audience

Influencers are of various kinds; some are makeup artists, fashion artists or entrepreneurs. Before choosing a social influencer company can research what their products or services are and who will be the relevant influencer for them.

They have authority and influence

84% of consumers make a purchase after reading about a product or service on a blog – that's almost 9 in 10 people! Influencers aren't called influencers for nothing.

We live in world of information overload. Consumers wants experiences that are local and authentic. With so much information and advice out there its hard to see the forest through the trees, no matter how many algorithms we create to achieve this. Again, its time vs money and while companies still spend millions on advertisement, people value the opinions and reassurances of other humans. Across the globe, “authenticity” is the main reason those surveyed chooses to trust influencers online. Additionally, personalization is critical, with 66% of respondents citing a need for an influencer's content to be relevant to their unique interests.

For women, 44% of respondents noted that seeing the product/service in use as a reason to trust an

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