AN ANALYTICAL STUDY OF MARKETING STRATEGIES ADOPTED FOR LUXURY PRODUCTS &ESSENTIAL PRODUCTS
We all are known about the market psychology i.e. Consumer is the king of the market. The central focus of the every marketer or producer is on consumer behaviour. Consumer behaviour is related with all the aspects and activities of purchasing behaviour as well as consumers involved in purchasing decisions. In the current era, variety of the goods has been changed by the ultimate consumer. These things are very critical to producer or seller. Hence manufacturer or seller has to decide the consumer taste, preference, interest, likes or dislikes. It would be help to sell the products with satisfaction.While doing marketing activities,the seller has required some knowledge related to consumer behaviour of various types of commodity which are available to consume in the market. There are many ways to attract the customer towards purchasing the product. The strategies adopted for marketing the products by the vendorare different according to the category of products. Consumer behaviour and marketing Strategies study is important because it help marketers to understand what influences consumer’s buying decision. Most of time brand influence consumer psychology but sometimes brand doesn’t
work because product is essential to survive life. So such kind of factors are figure out are by the marketer. This article will help to explore the basic difference between strategies adopted by the seller to Luxury Products and Necessary Products as well as express the various concept of Marketing.