L'Oreal's Marketing Strategy using Consumer Behaviour
Using consumer behavior to develop a marketing strategy is a five stage process. An understanding of consumer behavior theory and concepts is critical at each stage as marketers gather information, develop marketing strategies to influence consumer decisions, and evaluate the effects of their marketing efforts. 1. MARKET ANALYSIS: It involves gathering data and tracking trends related to the company, competitors, conditions and consumers. 2. MARKET SEGMENTATION: It is a portion of a larger market whose needs differ somewhat from the larger market. Let’s see how L’Oreal did this. Attractive Segments to Serve: L’Oreal serves all segments irrespective of the differences in cultures, desires and aspirations. 3. MARKETING STRATEGY: It involves setting appropriate levels for the marketing mix as a function of the segments being targeted and the market conditions that exist. L’Oreal is the largest company in the world that deals in personal car