Consumer Behaviour and Insight INTRODUCTION 1
Added on 2021-02-19
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Consumer Behaviourand Insight
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Explanation and analysis of the decision making stages......................................................1P2. Explanation of why it is important for marketers to map a path to purchase and understandconsumer decision making..........................................................................................................3TASK 2............................................................................................................................................6P3 key differences of the decision-making process in the context of B2C and B2B..................6P4 Different approaches of market research used for understanding decision-making process.7TASK 3............................................................................................................................................8P5 Understanding about the buyers behaviour that influence the process of decision making ofB2B and B2C..............................................................................................................................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONConsumer behaviour includes the decision making of customers and decisions are basedon their requirements, taste, needs and experiences. It is important for any organisation tounderstand the behaviour of customers because it is very complex as everyone has differentperspective and view point towards the consumption of product (Savelli and et. al., 2019).Consumer’s mind varies regarding the product because business environment is dynamic andcompany face changes in the technology, trends etc. Therefore, consumer behaviour analysis is atechnique which is used in marketing of product in order to meet the sales and targets. In thisreport, Apple is taken as B2B company and the discussion is carried out on its product named“iPhone”. While launching their product it is necessary for them to analyse the need and want ofcustomers in order to get success in the market. This report covers the explanation of stages ofdecision making and why it is important for marketers. It also includes the comparison ofdecision making process in the context of B2B and B2C. It involves the evaluation of differentmarket research approaches and also the methods which are used in the decision making processand how marketers influence the various stages of decision making. TASK 1P1. Explanation and analysis of the decision making stagesDecision making is the process which involves the selection of products and services.Decision making involves the identification and evaluation of selected products and services.Consumer decision making involves the identification of need, collection of information,evaluate alternatives and then final decision (Ahmed and et. al., 2019). It is complex as itinvolves problem recognition to the post-purchase activities. Decisions will become complex forthe marketers as it includes comparison, evaluation, selection and purchasing of wide range ofproducts which depends on the perception and taste of the consumer for the particular product.This process is divided into seven stages and the marketers of iPhone uses these steps tounderstand and improve the effectiveness of their decisions. These steps are as follows: Identifying the decision: It is the first step of decision making process in which customeranalyse the various aspects of products like whether it is valuable for them or not. Customers dofull research of the product by which they gather more and more information about product1
before buying it. The customers of iPhone need to analyse that the product which they buy areworthy for them and also matches their requirement. Collect information: This step involves the gathering of relevant information regardingthe product. This information includes various question such as what information in required,how to collect it and the source of information. In this step both external and internal informationis required to make any decision (Gatersleben and et. al., 2019). Customers of iPhone aresuggested to collect every information about the product which is beneficial for them. Identification of alternatives: After collecting the information, customers will analysethe problem within the product like it matches with their demand, their satisfaction level etc. Ifproduct does not meet the requirement then customers have to option to select another alternativeof that product. Choosing a product is in the control of customers. The purpose of findingalternative solution is that customers get the best result in order to buy the product. Weigh the evidence: In this step, customers need to evaluate the practicability,desirability and acceptability of alternative which is selected or opted by them. They need toanalyse the advantages and disadvantages of the option which is selected and also need todetermine that the opted product is good for them or not (Ismagilova and et. al., 2019).Therefore, the customers of iPhone will analyse the potential of their alternative and use it in thepriority. Choose among alternatives: Once the evidences are weighed, customers are able to optthe best alternative from the rest. In this stage, best one is opted and analysis of risk factor isinvolved. customers can also choose two alternatives if they have relevant information about thealternative but risk is also involved in choosing the vest alternative. Take action: In this stage, customers are required to implement their plan. It involves theidentification of required resources and make sure that their demands are achieved successfully.It is all done with the proper implementation and execution of decision (Aviv and et. al., 2019).This step involves full analysis of the decision-making process and if there is any issue in theiropted product then customers have chance to take corrective step for it. Monitor and follow-up: It is the last step which represents that the decision taken in thefirst step is relevant for the launch or not. It includes the customers analysis of that specificproduct which involves monitoring and using it. Here, customers will get follow-up of that2
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