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[PDF] Consumer Behaviour and Insight Assignment

   

Added on  2021-02-20

13 Pages3409 Words193 Views
Consumer Behaviourand Insight

INTRODUCTIONConsumer behaviour is affiliated to the study of individuals, a group of people andorganisations and how they choose their products and services in order to meet the consumersdemand and needs. The main motive of consumer behaviour study by the business organisationsto ascertain that how customers feel about different alternatives brand, how customer influencedfrom environmental factors, and what is the reason behind selecting a specific brand. Forunderstanding all these factors the chosen products of the Bentley Motors Ltd which is Azurecars. This study will give the knowledge about that how the customers decision facilitate towardsa specific product and the various theories and models which have greatly influence thecustomers decision-making. Moreover, the use of various approaches of market research forknowing the decision-making process in the both concepts of B2B and B2C business also willunderstand. TASK 1P1 Consumer is the foundation of the business success so it is essential for the businessorganisation to ascertain the customers decision-making process. The analysis of this process isessential for the business manager of Bentley as it helps them to determine the needs and wantsof the customers so that it can be fulfilled in the limited period of time(Xiang, Magnini andFesenmaier, 2015). While taking the purchasing of a specific product customers is going throughfrom various stages which are as follow:Consumer decision making stages are as follows :Pre-Purchase: While taking the decision related to purchase a product consumers will gothrough from several steps which are mentioned below:Need recognition: This is the first step in which customers will ascertain that whatexactly they want to satisfy their needs. The need of recognition has affected by both theinternal and external factors which includes the need of a product and second refers to theoutside resources like reviews and advertisement. In order to purchase a car customermust make an effective decision in this case they have to spend huge amount of money.1

Searching and Gathering information:In this second stage, customers decisions willremain in changing position as in this step the main focus of them on collecting theinformation in order to select a best option related to purchase a best product. In thisaspect, they can various channels like social media, visual, newspapers and others. Withthe help of all these channels and by taking the reviews and feedbacks from the customersthey will determine that they purchase the car or not(Carrington And et. al., 2014).Evaluating the alternative: At this step, customers will analysing the different productsand brands so that they will be able to select a most appropriate product which can deliverthem the benefits for which they are seeking. This will help the customers in choosing thea best car which can provide them higher services at lower price. Purchase: This is the stage where the purchase will take place in order to satisfy theneeds. The decision related to purchase the product can be affected by the negativefeedbacks and motivation of purchase the product. Here the customers will finally decidethat which car and from where they want to purchase the car.Post purchase evaluation: It refers to assessment of the customers behaviour related tothe purchased commodity that the customers are satisfied from the products or they aredissatisfied. If the Azure car is able to satisfy the customers needs then it will providebenefit to company in providing higher profitability and brand value in the marketplace.Thus, it can be stated that in order to purchase a most effective product a customer mustconsider all the above levels in their decision-making process so that a proper decision can beformulated(Sasmita and Mohd Suki, 2015).P2 Customers are the most important part of the business organization as the success andgrowth of the business depend on them. So it is necessary for the business manager of a companyto map a path to purchase in order to improve the customers experience and to satisfy the needsof customers. For getting the higher success in the marketplace it is essential for the manager ofthe Bentley company to identify the environmental factors which have effect on the decision-making process of customers so that they can come up with the best decisions related to provide aproduct. Here are described four stages which assist the business in determining the customerbehavior and their decision-making journey: 2

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