The Impact of Business Strategies on Consumers’ Decision Making

Abstract

In the modern world, as more and more companies and businesses enter the market, competition is extremely difficult to avoid, and it is rising with each passing second. In such a ferociously competitive market, companies will of course do everything in their power to remain competitive and to seek success and profit whenever possible. Modern marketing is based on centuries of business and marketing experience, combining many theories and practices to form a business strategy. Every business has its own unique marketing strategy according to its current position in the market. This essay will explore the underlying facts about consumer psychology and how different business strategies affect the consumers’ decision. There will be a classification of businesses strategies into four phases, and each phase will play a different role in pushing the consumer to purchase. Consumers are also categorized into many groups, this essay will specifically address how the younger and older generations react differently to said strategies due to their inherent differences in experience, upbringing and mindset. Finally, the essay will also offer businesses a way to improve their strategies.