Consumer Behaviour and Insight Assignment - Doc
Added on 2020-10-05
10 Pages1999 Words375 Views
Consumer Behaviourand Insight(Project-1)
Table of ContentsINTRODUCTION...........................................................................................................................1Consumer decision making....................................................................................................1Models of consumer decision making....................................................................................1Decision-making process for a specific product or service....................................................2Importance of mapping a path to purchase and understand consumer decision-making.......3Levels of consumer decision-making.....................................................................................4Factors that influences decision-making................................................................................4CONCLUSION ...............................................................................................................................5REFERENCES................................................................................................................................6
INTRODUCTIONConsumer behaviour and Insight refers to an acknowledgement of trends that fluctuatedin interest and buying behaviour of consumers on timely basis. An organisation can achieve hugesustainability and profitability in competitive market only if their effective management is ableto identify and interpret the trends in the market which makes easy for them to formulate aneffective plans and strategies in order to make suitable changes in its existing offerings. Thepresent assignment report is based on Planet organic which is engaged in providing wide rangeof organic products to the people of London and across UK. The report includes discussion aboutthe decision-making process and various models involved in such process. The report alsodescribes the influences the factors that influences the decision-making along with an importanceof mapping a path to purchase and understand consumer decision-making.Consumer decision makingThe consumer decision making refer to a process that is adopted by the customer to makea decision from different option that are available in the market. Consumer decision makingprocess depend on the need, demand and requirement of the customer. Process of buying aproduct is very critical because large variety of products is available in the market. So customerhas to choose that alternative which fulfil demand and need of customer with a minimum price.This process help a customer to buy a suitable product that is easy to consume and provide morevalue to fill his need. Product or service is purchase by a consumer if the value of a product ismatch with customer opinion (Bereznoy, 2019). Models of consumer decision makingDifferent model of consumer decision making process that help a consumer to buy aproduct are defined as follows:Economic Model: First model that describe consumer decision making process is aeconomic model. This model refer to the process by which consumer is predicted thatdecision process to purchase a product by a consumer is based on economic factors. Inthese the customer analyse and evaluate the benefits and value of the product and servicebefore purchasing them. Most of the time economic model is considered unrealisticbecause individual is not always rational to take decision because there are several factors
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