Understanding Consumer Trends in Setting Up a Lucrative Marketing Strategies

Martins O. Awofadeju, Teslim A. Ademiju and Ilkay Karaduman
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Martins O. Awofadeju: Dept. of Business Administration, Institute of Social Sciences, Istanbul Aydin University, Turkey
Teslim A. Ademiju: School of Secondary Education (Vocational), Federal College of Education (Technical), Asaba, Nigeria.
Ilkay Karaduman: Dept. of Civil Aviation Management, Faculty of Economics and Administrative Sciences, Istanbul Aydin University, Turkey

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 1, 752-759

Abstract: Businesses all over the world strive to convince customers to buy their goods and services. To do this, they research consumer needs and develop marketing plans that will persuade customers to buy. Numerous marketing strategies are used to sway consumer behavior, which ultimately affects their purchasing decision. In present business world that is highly competitive, understanding consumers trend in setting up a lucrative marketing strategies dictate the tune in achieving a successful and effectual marketing rewards. The main objective of this study is to explore how consumer trends can be utilized to develop effective marketing strategies. To achieve this goal, the study analyzed both primary and secondary data. Primary data was collected through observation, interviews, and surveys, while secondary data was obtained from a variety of sources such as newspapers, magazines, trade journals, blogs, online data storage platforms, and government institutions like the Chamber of Commerce, Census Bureau, and labor department. Appropriate marketing tools analysis such as SWOT, PEST and situational analysis are adopted in the study to analyse the relevant data collected from both the primary and secondary sources in order to achieve the objectives of the study. The analysis indicates that grasping consumer trends plays a crucial role in designing effective marketing strategies. It helps in formulating appropriate techniques for each strategy and ensures their effectiveness. Understanding consumer trends is the key to making the strategies responsive to their needs and preferences. Creating successful marketing strategies requires steadfastness, planning, research, and analysis of important policies to understand consumer trends.

Date: 2024
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