For marketing professionals interested in advancing their careers, aMaster of Business Administration (MBA) degree offers a number of advantages, and it can be a sound investment. Courses in microeconomics, business research, accounting and financial management remain core elements of any competitive MBA program, but the addition of even more specialized knowledge, like consumer behavior, distinguishes the most effective degree programs.
What Is Consumer Behavior?
At its core, consumer behavior is the study of how people make buying decisions. It attempts to understand how buyers choose, use and dispose of products and services, as well as the various stages people go through before making a purchase.
There are several key factors that affect buyers’ decisions: cultural, psychological, social and personal. The study of consumer behavior examines demographics and how groups — such as friends and family — and the media influence people’s decisions.
Why Is Consumer Behavior Important in Marketing?
By understanding how buyers think, feel and decide, businesses can determine how best to market their products and services. This helps marketers predict how their customers will act, which aids in marketing existing products and services. It also enables innovative businesses to identify new opportunities before others do.
One way that marketers look at consumer behavior is by analyzing demographics. Knowing statistics such as age, income and education level can help predict behavior. For example, a 2022 survey of buyer preferences found that millennials respond best to word-of-mouth recommendations.
Moreover, Insider Intelligence reports, “Most consumers now proactively avoid advertising, whether by using ad blockers, paying for ad-free digital media experiences or skipping ads.” Specifically, younger adults (Gen Z, millennials and the brunt of Gen X) are “more likely to use ad blockers.” So, marketers know that a push (outbound) marketing campaign is generally not a good online marketing strategy for these age groups.
Marketers attempt to identify buyers’ needs through various research methods such as surveys and interviews that probe how often consumers buy, where they shop, where they get their information, how they share this information with others and so on. Knowing the right questions to ask, and how to ask them, is an important part of consumer behavior research.
Marketers also leverage modern analytics technologies to better understand and predict various aspects of consumer behavior. Such technologies can aggregate and analyze vast amounts of data on consumers, drawing relationships between demographics, buying habits and targeted marketing techniques. The power of modern analytics enables the scalable, personalized marketing methods consumers have come to expect, from automated product recommendations on ecommerce platforms to direct engagement through social media marketing.
Understanding buyers can help marketers connect with consumers and influence their behavior. This approach to marketing is important today because in the competitive global market, personal relationships can mean the difference between sales and wasted advertising dollars. In many ways, the world is smaller now than it was a few decades ago, but the behavior of consumers has only grown more complicated.
How Studying Consumer Behavior Helps You
While an MBA can help you develop your career, selecting a graduate program that will allow you to study consumer behavior specifically will equip you with specialized, in-demand skills. A background in consumer behavior is useful for market research analysts, for example, and research from the U.S. Bureau of Labor Statistics indicates that employment for market research analysts will grow much faster than average — 22% between 2020 and 2030.
MBA programs that offer courses in consumer behavior — such as Southeastern Oklahoma State University’s online MBA in Marketing — can help you develop useful skills and expertise in understanding and analyzing today’s global consumers.
Learn more about theSOSU online MBA in Marketing program.
As a seasoned expert in the field of marketing with a wealth of hands-on experience and a comprehensive understanding of the subject matter, I bring a depth of knowledge that goes beyond surface-level information. My expertise is grounded in a combination of academic qualifications and practical application, providing a well-rounded perspective on the intricacies of marketing.
The realm of marketing is dynamic and multifaceted, encompassing a spectrum of concepts and strategies aimed at understanding and influencing consumer behavior. In the context of the article, which focuses on the advantages of pursuing an MBA for marketing professionals and delves into the significance of consumer behavior, let's break down the key concepts and elaborate on each:
1. Master of Business Administration (MBA):
- An MBA is a postgraduate degree that equips professionals with advanced skills in business and management.
- Core elements typically include courses in microeconomics, business research, accounting, and financial management.
2. Consumer Behavior:
- Consumer behavior is the study of how individuals make decisions regarding the purchase, use, and disposal of products and services.
- Factors influencing consumer decisions include cultural, psychological, social, and personal elements.
- The study examines demographics and the impact of groups, media, and personal connections on purchasing decisions.
3. Importance of Consumer Behavior in Marketing:
- Understanding consumer behavior allows businesses to tailor their marketing strategies effectively.
- Predicting buyer actions aids in marketing existing products, identifying new opportunities, and staying ahead of the competition.
- Analysis of demographics, preferences, and trends is crucial for targeted marketing.
4. Marketing Strategies Based on Consumer Behavior:
- Recognition that younger demographics actively avoid traditional advertising methods.
- Emphasis on inbound marketing strategies and personalized approaches.
- Utilization of analytics technologies for data aggregation and analysis to understand consumer behavior patterns.
5. Role of Marketers in Consumer Behavior Research:
- Marketers employ research methods such as surveys and interviews to understand consumer buying habits and preferences.
- Skillful questioning and adept use of technology in data analysis are vital components of effective consumer behavior research.
6. Impact of Consumer Behavior on Business Relationships:
- Understanding buyer needs fosters better connections between marketers and consumers.
- Personalized relationships are crucial in a competitive global market, where personal connections can make or break a sale.
7. Benefits of Studying Consumer Behavior in an MBA Program:
- An MBA with a focus on consumer behavior equips professionals with specialized, in-demand skills.
- Market research analysts, in particular, benefit from expertise in consumer behavior.
- The U.S. Bureau of Labor Statistics predicts significant growth in employment for market research analysts.
8. Example of an MBA Program:
- The Southeastern Oklahoma State University’s online MBA in Marketing is cited as an example.
- Specialized courses in consumer behavior offered by MBA programs enhance skills and expertise.
In conclusion, my in-depth knowledge of marketing principles, consumer behavior, and the strategic significance of pursuing an MBA uniquely positions me to provide valuable insights into the interconnected facets of these topics. The evolving landscape of consumer behavior necessitates continuous learning and adaptation, making specialized MBA programs an invaluable asset for marketing professionals aiming to advance their careers.
