For marketing professionals interested in advancing their careers, a Master 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.
For instance, the online MBA with a Concentration in Marketing program from Southeastern Oklahoma State University offers a well-rounded business management education coupled with advanced, specialized courses in consumer behavior and social media marketing. With expertise in these areas, program graduates will excel in high-level, strategic marketing management positions.
Understanding Consumer Behavior: What Is It?
At its core, consumer behavior is the study of how people make buying decisions. Consumer behavior research 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 Research 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, aiding in marketing existing products and services. Research into consumer behavior trends also enables innovative businesses to identify new opportunities before others do and leverage those opportunities through developing new products, services and marketing strategies.
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, McKinsey & Company reports that Gen Z consumers are more likely to splurge and take on debt than other generations, even though they are also highly concerned with financial security. More than 25% of Gen Zers report using buy-now-pay-later services. Gen Zers also value convenience, with food delivery services being a prime example. This suggests that product and services marketing strategies which highlight convenient and buy-now-pay-later options can be effective when targeting Gen Z consumers.
How Do Market Researchers Conduct Consumer Behavior Analysis?
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 marketing analytics enables the scalable, personalized marketing methods consumers 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 critical because personal relationships can mean the difference between sales and wasted advertising dollars. In many ways, the digitized 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 Today’s Marketing Professionals
While an MBA can help a marketer develop their career, selecting a graduate program that focuses on consumer behavior explicitly will equip professionals with specialized, in-demand skills. A background in consumer behavior is useful for market research analysts, for example. Data from the U.S. Bureau of Labor Statistics indicates that employment in this occupational group will grow much faster than the national average in the coming years — roughly 7% between 2024 and 2034.
MBA programs like Southeastern’s online MBA in Marketing help students develop useful skills and knowledge to understand and accurately analyze today’s global consumers. With this expertise, graduates can keep their marketing strategies aligned with what consumers want and expect, ensuring effective engagement amidst an increasingly competitive, oversaturated marketplace.
Learn more about Southeastern’s online MBA in Marketing program.