What are the key trends impacting consumer behavior that may develop within the

Question

What are the key trends impacting consumer behavior that may develop within the next 5 years? Consider the past 5 years and the expansion of movements such as social media, mobile media, and other emerging technologies, and respond to the following:

How will these trends impact marketing planning and implementation?

How can you capitalize on viral marketing?

What could be the impact of word-of-mouth communication on the successful marketing of your product?

How can you use emerging technologies and social media to develop a relationship with current and targeted consumers of your product?

Explanation / Answer

Trends of consumer behavior:

Less loyalty and more comparison: In the coming years, consumer’s loyalty on a specific brand will be reduced. Since there are so many products in the market with same quality, consumers like to have comparison. There will be price comparison too through various websites. All these create additional challenge on companies, because they always want to keep customers.

Consumers will need “more” from a product: It requires product research and diversification on regular basis, which increases product benefits. Regular follow-up with customers through customer-care service should help the company in this regard.

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