Consumer Behaviour and Insight Assignment - Amazon company

Added on - Dec 2020

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CONSUMER BEHAVIOUR ANDINSIGHT
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 The stages of consumer decision-making.............................................................................1P2 Importance of understanding consumer decision-making for marketers in mapping a pathto purchase-.................................................................................................................................3LO 2.................................................................................................................................................5P3 differences of decision making process in the context of B2B and B2C...............................5P4 Different approaches to market research and methods of research used for understandingthe decision-making process in both B2C and B2B contexts.....................................................7LO 3.................................................................................................................................................8P5 Influence of marketers at each stage of decision making......................................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONConsumer behaviour is the reaction of the consumer in regards to the product offered tothem by the manufacturer or the seller. Consumer behaviour mainly depends on the consumerstaste and preferences, the price of product and the quality of the product. This report will studythe consumer decision making and the various steps in the evaluation of a product of thecompany Williams Performance Tenders which deals in the manufacturing of boats. The factorseffecting the decision making process of the product. It will also show there effect on themanufacture in the development of the product and services.There after report will study the forms of research to understand the influences on the decision-making process in B2C and B2B company. Also how marketers influence the different stages ofthe decision-making process. Here the B2C company is the Amazon company who buys theproducts from a company and sells the that products to the customers.LO 1P1 The stages of consumer decision-makingThe consumers are the ultimate persons consuming the product manufactured by themanufacturers in the market. As there are many substitute available in the market for the specificproduct. The consumers have the right and option to evaluate and check the product and buy theproduct according to their needs. They evaluates the product on the basis of past experiences andthe advertisement of the product. The customers trust the company for the product to bepurchased by them. The consumers in the company Williams Performance Tenders uses varioussteps in the decision making of purchasing a product(Martindale and McKinney, 2017). Thesteps are as follows-Problem recognition-The decision making process by the consumer starts from the arrival of problem. theconsumer feels the need of the product and wants to satisfy the need. The problem is usuallyarise when the consumers want to fulfil the need regarding any product. In the company WilliamPerformance Tenders the consumers desires for the boat.Search process-In this process the consumer searches the products and the various substitutes available tothem to satisfy the need of the customer(Shim, Shin and Kwak, 2018). The consumer uses thesearch engines, past experience of the previous customers, the study of the product and the1
specifications of the product. The consumers of the company William Performance Tendersevaluates and checks the boats available by the other companies in the market(Rezaei, 2015).Evaluating alternatives-After searching for the product the consumers evaluate and examines the productqualities and there relevance to their needs. The evaluation can be based on the factors like price,quality and the services available to them. The customers compare the prices of the similar typeof product. As there are many types of boats available in the market the consumers evaluate thevarious type of boats and there qualities(Huang and Benyoucef, 2017).Selection stage-After searching and evaluating of the product the customer selects the product to bepurchase. The consumers are now ready to take the risk in purchasing the specified product. Theselection can be done on past experience , or they can rely upon the advertisement of thatcompany or they can give it a try.Evaluation of decision-This step starts after the purchase of the product which involves the satisfaction of thecustomers. As the company Williams Performance Tenders is not focused on only one customerso they provide for after sales services to there customer and creates a customer base. One badexperience of the customer can effect many future customers of the company as the brand imageof the company will be effected(Bhimasta and Suprapto, 2017). Thus this step is also veryimportant to evaluate the product and the ability of the product to satisfy the consumers need.These are the steps which are used by the customers in the decision making of purchasingthe product. This decision making process helps the customer in purchasing the right thing. Alsothe decision making process of the customers helps the company Williams Performance Tendersin understanding the consumer behaviour. In the recent years there is use of new technologies inthe consumer decision making(Boakye, Chiang and Tang, 2018). Through the use of internet allthe information about the product is easily available. Also with the upcoming of the homedelivery services people tends to buy those products which could be easily delivered to therehomes.2
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