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Consumer Behaviour and Insight Solution Assignment

   

Added on  2021-02-20

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CONSUMER BEHAVIOURAND INSIGHT

Table of ContentsINTRODUCTION...........................................................................................................................3LO1..................................................................................................................................................3P1 Explanation and stages of consumer decision making for a particular product or service....3P2 Important for marketer to map path to purchase and understand consumer decisionmaking. .......................................................................................................................................5LO 2.................................................................................................................................................6P3 Comparison between the decision-making process in B2B and B2C :.................................6P4 Various methods of research in decision-making process in B2B and B2C : ......................8LO 3...............................................................................................................................................10P5 Factors that influence the decision-making process of B2C and B2B :..............................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONConsumer behaviour is the study which reveals how individual customers, groups selectto buy goods and services to satisfy their needs and wants. It refers to the action of theconsumers in the marketplace and underlying motives for those actions. The study of consumerbehaviour assumes that consumers play key role in the marketplace. Apple Inc. is an Americanmultinational technology company headquartered in Cupertino and California. IPhone 7 is phonethat is reliable and beneficial as it has unique features which are needed in day to day lifepractices, it has a unique slim design and easy to carry. Customer demand is very much highwith the unique features brought by Apple. The company develops consumer electronics,computer software and online services. The report will include five stages of consumer decisionmaking for Apple's product and why consumer mapping is important for marketer to make a pathto purchase and understand consumer decision making. The study will evaluate differentapproaches to market research and methods used for understanding decision making process bothin B2B and B2C. Further, the report will evaluate how marketers can influence the differentstages of decision making process of B2B and B2C.LO1P1 Explanation and stages of consumer decision making for a particular product or service.There are several stages in consumer decision making which are very important forbusiness. Consumer decision making process involves the consumers to identify their need,gather information, evaluate alternatives and then make their buying decision. The consumerdecision making behaviour is a complex procedure and evolves everything starting from problemrecognition to post purchase activities (Piscicelli, Cooper and Fisher, 2015). There are five stagesof consumer decision making which are mentioned below:Need recognitionNeed recognition occurs when consumer determines their need. The buyer will analysethat they are in the need of a product or not. Here the buyer is thinking of buying an appleproduct which is Apple iPhone 7. The consumer will identify the needs of an iPhone because ofits specific features. As electronics are things which people wants but actually don't need them,with advancement in technology and new marketing strategies for these device make them feeland specify and target its need So people have to actually analyse that they are in the need of an

iPhone 7 or they are influenced by effective marketing strategies (Hofacker, Malthouse andSultan, 2016). Information searchThis is the second stage after the need recognition. When consumer actually recognisethat they need an apple product. So buyer will search for the information of the product, searchcan be internal, external or both. An internal search is the process of recalling past informationstored in the memory and external search is the process of seeking information in the outsideenvironment. The consumers will search that what are the features of an apple iphone7. Thefeatures they need is there in the apple product or not. Evaluation of alternativesConsumer also search for other products that what other substitute company is providing andmake comparison between the products. This stage is important as consumer don't wont to regrettheir buying decision. There are various options available with the buyers with the best preferences and available of choices inthe market. There are many objectives for a buyer it is defined what type of features a buyerneeds and needs of the product. (Venkatraman and et.al., 2015). Purchase decisionThis is the stage where buyers make final purchase decision.At this stage, the consumerhas evaluated all the facts and arrives at a logical conclusion which may be based on influencefrom marketing campaigns or upon emotional connection or personal experience or combinationof both. After gathering information about all the other products and evaluating them on theabove mention basis the consumer makes final decision that they should buy an apple product ornot. The consumer must be sure at this stage at this is the final stage as once product is purchasedthe decision cannot be changed. Post purchase behaviour The purchase of product is followed by post purchase which refers to analyse thatwhether the product purchased by the consumer was satisfactory or not. As consumer decided topurchase apple iPhone 7 so how well their expectations are met, determines whether thepurchaser is satisfied or dissatisfied with the purchase. When the consumer is satisfied and happy

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