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Understanding and Importance of Consumer Decision Making in B2B and B2C Contexts

   

Added on  2020-06-06

10 Pages2759 Words461 Views
CONSUMER BEHAVIOURAND INSIGHT

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1. Stages of consumer decision making journey for a given product/service......................1P2. Understanding the consumer decision making and its significance for marketers to map apath to purchase......................................................................................................................2LO 2.................................................................................................................................................3P3. Differences of decision making process in context of B2C and B2B..............................3P4. Various approaches and methods of market research used for understanding decisionmaking process in both B2C and B2B contexts.....................................................................5LO 3.................................................................................................................................................6P5. Influence of marketers on various stages of decision making process of B2B and B2C.6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................8

INTRODUCTIONFor achieving success of product in market it is essential for an enterprise to firstunderstand the behaviour and attitudes.Various factors are there that affect their decision makingprocess (Barry and et. al., 2011). Mainly, different stages are involved in purchase process ofconsumers. It is important for marketer to identify and examine every stage as this supports ininfluencing individuals to buy company's product. Thomas food centre, a small restaurant whichoffer various type food products is taken in this report for study. Different stages of consumerdecision making process and influence of marketer on each stage is all given in this report. LO 1P1. Stages of consumer decision making journey for a given product/serviceProcess of consumer decision making involves identifying and verifying the decisionmaking process of individual. Mainly, this consists of five stages as given in the followingpoints:Need recognition: This is the first step involved in the decision making process ofconsumers. Need is the only factor that results in actual purchase of specific product andservice (Bianchi and Andrews, 2012). Identifying and analysing the needs and wants ofconsumers guide and support marketers in taking various decisions related with business.In case of a food product, an individual first identifies his/her need like what they want toeat. It can be something like healthy, tasty or spicy. Search and collect information: This is the second step in which after identifying theneeds, an individual collects and examines the information. When an individual makeschoice between various alternatives then everyone wants every type and kind ofinformation before spend their money (Frederiks, Stenner and Hobman, 2015). In this,individual also examines the positive and negative aspects of purchase. In case of foodproduct, consumers search information about various food items and choices which canbe made by them for satisfying their need. Evaluation of alternatives: After identifying the source of satisfying the need, consumersexamine various options on the basis of price, quantity, quality and features of product(Consumer decision making process, 2017). Comparison of price of substitute productbefore finally purchasing the good is also done by consumer at this stage. For example: if1

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