Factors Influence Buying Behavior - Report
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Added on 2020-01-28
Factors Influence Buying Behavior - Report
Added on 2020-01-28
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MARKETINGINTELLIGENCE
TABLE OF CONTENTSINTRODUCTION......................................................................................................................3TASK 1......................................................................................................................................31.1 Stages of decision making process in order to purchase products and services..............31.2 Theory of buying behavior in form of individuals as well as markets.............................41.3 Explaining factors which influence buyer behaviour.......................................................51.4 Evaluating relations between brand loyalty, corporate image as well as repeatpurchasing..............................................................................................................................6TASK 2......................................................................................................................................62.1 Objectives behind market research..................................................................................62.2 Various types of techniques in order to do market research............................................72.3 Sources of secondary data in order to achieve marketing research objectives................82.4 Validity and reliability of the market research.................................................................82.5 Preparation of market research plan for obtaining information.......................................9TASK 3....................................................................................................................................103.1 Assessing market size and trends of the organisation in the industry............................103.2 Identification of rivalry firms and competitor analysis..................................................113.3 SWOT analysis in order to identify opportunities as well as threats.............................12TASK 4....................................................................................................................................134.1 Identification of different techniques used to assess response of consumers................134.2 Designing customer satisfaction survey.........................................................................144.3 Reviewing success of the completed survey..................................................................15CONCLUSION........................................................................................................................16REFERENCES.........................................................................................................................17
INTRODUCTIONMarketing is a concept which plays a significant as well as wide role in each andevery business entity. It helps to the company in order to aware community of the countrywhere it operates and attracts more number of customers towards it. Further, higher theconsumers help to generate more sales and revenue as well as level of profitability in theindustry. In the present research report there is the Sainsbury company is chosen which is UKbased firm and operates in the retail sector. The report describes about buying behaviour towhich various elements influence in positive and negative manner. Moreover, it shows aboutmarket research which helps to identify problems as well as achieve goals and objectives ofthe Sainsbury. Beside it, the report focuses on company’s trend as well as SWOT analysiswhich help to identify threats and opportunities of the organisation. At the last it emphasiseson customer satisfaction survey with help of designing and distributing questionnaire amongbuyers.TASK 11.1 Stages of decision making process in order to purchase products and servicesCustomers are key part of each and every company by whom business can run as wellas earn profit in the market. In order to this when buyer purchasing goods or services frommarket then he takes decision using a particular process. There are different steps which arehelpful in order to make decision for buying goods and services which is given as below:Perception of need/Need recognition: Very first at the initial stage the buyer analysesand identifies that what he need and want to purchase. Further, when the potentialbuyer determine his needs and wants to purchase grocery products then go for anotherstep. Here the manager of Sainsbury firm needs to provide goods and services whichfulfil customer’s needs as well as wants (Fan, Lau and Zhao, 2015).Information searching: In the second stage the buyer analyses and search aboutvarious informations related to taking buying decisions. He finds different alternativesor competitor’s products and services and compares other available similar goods andthen take decisions to buy the grocery items.Evaluation of alternatives: At the third stage the buyer evaluates all the availablealternatives which provide grocery products. In this he will evaluate different terms ofgoods such as prices, quality, reliability, convenient availability etc. Here the
Sainsbury needs to provide healthier and hygienic food items which not influencehealth of the users.Purchase decision: As per the fourth step after analysing above mentioned all thealternatives the buyer takes decision for purchasing grocery products from the retailcompany (Babin and Zikmund, 2015). In this case if the company is able to meet withall the needs and wants of consumers then will make decision for purchase such goodsand services.Post-purchase evaluation: At the last if the buyer is satisfies with all the criteria aswell as alternatives then definitely buy the grocery items. Further, it evaluate aboutthe decisions that whether the respective buying decision will be beneficial for his ornot.1.2 Theory of buying behavior in form of individuals as well as marketsTheory which describes that in various market situations buying behaviour ofconsumers are how changes and in which order they give response to them is identified as abuying behaviour theory. There are different types of such theories used which are mentionedbelow:Cognitive Dissonance Theory: As per the theory of buying behavior it consists withdifferent factors such as attitude, incomes, values, opinions as well as beliefs etc. Ifthe Sainsbury firm provides food items as per their requirements then they will surelybuy its products and services (Ratten, 2016). On the other side in order to influencecustomers for purchase its goods employees of sales and marketing plays importantrole. For example: a buyer wants to purchase food item which has high nutrition buthe not know about that specific item then sales person should provide informationregarding that which lead to buy such products.Diffusion of Innovation Theory: In this context another theory is Diffusion ofinnovation model which includes different stages of the product such as introduction,growth, maturity as well as decline. After completion of the last stage the buyerexpect new as well as innovative and creative goods and services from the Sainsbury.It will lead to attract more number of customers in order to purchase the food items.Further, manager of the marketing of Sainsbury requires to make effective, attractiveand innovative food products after adding more and healthy nutrition (Hollensen,2015).
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