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Consumer buying behavior and market segmentation

good marketers maintain a good relationship with the customer even after the purchase has been made. This is to reduce any chance of cognitive dissonance that the customer may experience with the product. To reduce the negative effects of customer cognitive dissonance, good after sales services could be provided along with effective advertising. This will attract more customers via word of mouth and generate repeat purchases.

To be cost effective marketers should remember to target the potential customers of the company's marketing mix. There is no point in wasting time targeting those who will never purchase Your product. Therefore effective market segmentation is extremely crucial.

Market segmenting involves dividing the market into groups that share similar needs and wants. This can be done through market segmenting variables such as, geographic, demographic, psycho-graphic and behavioral groups. For instance the main market segment, based on these main variables, for a fizzy drink such as coke would be those mainly in dry and hot climate regions, within the age group 12 to 21, those who are relatively social and can afford a drink such as coke, and those who are aware a drink such as coke exists and are aware of its image around the world.

The buying behavior of consumers and identifying the segments to which they belong are two critical elements for effective and efficient marketing!

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