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Consumer Behaviour and Insight - Assignment

   

Added on  2021-02-19

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Consumer Behaviourand Insight

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Stages of consumer decision making journey .......................................................................1P2 Importance of understanding consumer decision making ....................................................3TASK 2............................................................................................................................................5P3 Compare and contrast the key differences of decision making process ...............................5P4 Approaches of market research .............................................................................................7TASK 3............................................................................................................................................8P5 Various stages of decision making process of B2B and B2C .............................................8CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONConsumer behaviour is the study of an individual, group or organisation which signifiestheir behaviour or attitude towards buying, selecting, utilising product and services in order tosatisfy their needs or wants in an effective manner. It is a continuous process which begins withpre purchase activity and ends with post purchase experience. Along with this, it encompassesseveral elements like evaluating, acquiring, using and disposing of goods and services (Gao andBai, 2014). However, consumer behaviour is regarded as foremost component for everycompany as it help them to gain competitive advantage and also aid them to survive withinmarketplace for longer period of time. For this report, Toyota company has been consideredwhich is one of the leading and reputed auto-mobile manufacturing firm in the world and it isintroduced in the year of 1937. It serve their products across the globe as they offers wide rangeof products like luxury or commercial vehicle, engines and many more. In this study, it includesvarious stages of consumer decision journey map as well its importance for marketers.Moreover, identification of different approaches of market research as well as determine decisionmaking process in aspect of B2B and B2C. TASK 1P1 Stages of consumer decision making journey Consumer behaviour is the action and decision making process of an individual to buygoods or services for attaining high level of satisfaction in an amended way. However, customerare considered as lifeblood for company's existence within competing industry as it empowerthem to determine current or emerging trend of market that assist manager to come up withinnovative products which benefit them with increased customer satisfaction. On the other hand,decisions making process also plays a crucial role as it help every individuals to determine theirneds or wants and discover the ways to obtain the same for acquiring high level of contentment.Thus, it has been evident that behaviour of an individual is interlinked with decision makingactivity which impose huge impact over organisation's productivity and profitability. However,for improving the customer experience as well as understand the their point of view towardsbrand, customer journey map plays an integral role (Paul and Rana, 2012). It is a process whichillustrates users processes, needs, perception throughout their interaction or relationship withbrand. In context of Toyota, which mainly deals with car so for attaining sustainable proficiency1

its executing officer makes an attempt to analyse consumer decision making procedures forbuying a car which encompasses with different stages that is explained beneath:Pre purchase: In customer journey map, it begins with recognising the wants or interestduring purchasing the specific product or service for acquiring satisfaction. However, this phaseis regarded as an important component because in this an individual takes an initiative toexamine which product aid them to bring intense of level of expiation. So, in regard of buying acar from Toyota, firstly consumer identify their want whether there is requirement of car or not.However, if they feel that they require a car they makes an effort to move further for consumingthe product in a better way. Discovering and collecting information:Once customer makes a mindset of purchasingthe product, the next stage is to gather all relevant data regarding specific product in order toimprove their perception towards brand image. Hence, in context of Toyota, user takes anattempt to acquire accurate information related to car feature, function, process and many morefor which they utilise several social media platforms, people reviews over product, interactingwith people who are consuming the same brand. By doing this, it help them to obtain positiveand negative aspect of product which render proper guidance during whole process (Lockshinand Corsi, 2012). Examining the alternatives: Under this, customer searches for all alternativesinformation which provide them proper clarification regarding making a decision of purchasingthe product. Thus, in case of Toyota, consumer seeks to obtain info about car price, design,quality, services and evaluate whether Toyota's product is up to the mark of their expectationthat lead them to make best decisions. Decision to purchase product: After collecting all information or data about product thenthe the stage occurs where consumer makes a decisions to buy a product in order to attainincreased level of satisfaction. In case of Toyota, customer implements a action of buying carafter identifying need, gathering information , evaluating alternatives so that they can accomplishin their interest or goal in a trenchant and economical way. Post purchase activity: This phase occurs after purchasing the product in whichpersonnel gets a thinking whether the product is effective or matches with their expectations. InToyota case, consumer who bought the car, come across with several reviews or feedbackswhich brings a lot of ambiguities into their mindset about whether their decisions were worth it2

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