Consumer Behaviour and Insight

CONSUMER BEHAVIOUR
AND INSIGHT

Table of Contents
INTRODUCTION...........................................................................................................................................3
LO1..............................................................................................................................................................3
Identify and evaluate the stages of consumer decision making process while purchasing a certain
product.....................................................................................................................................................3
Significance for marketers to map a path to buy and understand decision making of consumers............4
LO2..............................................................................................................................................................6
Contrast and comparison of the key differences of decision making process related to B2B and B2C....6
Various approaches and methods of market research in order to understand decision making process in
context of B2C and B2B..........................................................................................................................9
LO3............................................................................................................................................................10
Marketers are able to influence different stages of decision making process of B2B and B2C.............10
CONCLUSION.............................................................................................................................................12
REFERENCES..............................................................................................................................................13

INTRODUCTION
Consumer behavior refers to a study through which individual customers, organization
and groups select, dispose ideas and services in order to satisfy their wants and needs. It defined
as the actions of the customers which they take at marketplace or to purchase a particular product
or service. It includes consumer's emotional, behavior and mental response for a particular
activity, product or services. As per the scenario I am working in Wileyfox. The company deals
in Smartphone’s and its manufacturing. It is founded in the year 2015. The headquarters of the
firm are situated in London in United Kingdom.
The report will explain and analysis the stages for consumer decision making for a given
product. Further it will explain the significance of marketers to mapping a path to purchase and
for understanding consumer decision making. It will compare the differences of decision making
process in context of B2B and B2C. Moreover, it will evaluate various approaches to market
methods and research that can use for understanding decision making process. Lastly, it will
determine how marketers can impact the various stages of decision making process.
LO1
Identify and evaluate the stages of consumer decision making process while purchasing a certain
product.
The consumer before buying a certain product will evaluate all the reasons related to the
purchase. For example if a consumer wants to purchase a smart phone then the major thoughts
that may arise in the mind of consumer will be as follows:
 The reason for purchase of the product.
 The need for the product, i.e. it is essential for him or not.
 The post purchase analysis about the usefulness of the purchase.
The various steps that the consumer will follow before the purchase are as follows:
 Need - The consumer will first analyze the need for the product. The need is the most
important factor which leads to buying of certain products or services. In fact the need is

the key reason which stimulates a consumer to purchase certain commodity. The
consumer always believes in useful purchasing and will only purchase the product if the
consumer is in the need of the product purchase or not (De Mooij, 2019). Even after the
purchase the consumer analyses his purchase to evaluate the usefulness of the purchase
that has incurred.
 Information Gathering - When a consumer realizes his need for the certain product, the
consumer first enters in the market and starts gathering all the relevant information about
the product he wants to purchase. Gathering information helps the consumer to be safe
from frauds and cheating in the market and will also be able to identify all possible
alternatives that the consumer can choose before purchasing the product. The evaluation
of market helps the consumer to identify the cheapest alternatives to enter in the market
for purchase.
 Evaluation of alternatives - The consumer after analyzing the market properly will
evaluate various alternatives that are in the market (Zhang and Benyoucef, 2016). Then
the consumer will choose the best possible alternative by which the consumer will able to
buy that product at the lowest possible price and with standard quality. The evaluation of
alternatives will help the consumer to buy the desired product with lowest possible price
and with no compromise on quality.
 Purchase of Product - The consumer after completing all the above stages will finally
purchase the product from one of the best alternative that are analyzed before the
purchase. After doing the following steps the consumer will finally purchase the product
of his choice with low price and standard quality and will be doing a safe purchase.
 Post Purchase Evaluation - After the purchase of product the consumer will analyze his
purchase that if the purchase was useful to him or not (Murphy and Dweck, 2016). Post
purchase evaluation refers to a customer analysis whether the purchase of product was
useful to him or not. The post analysis will also help them to identify defects in the
product.
Significance for marketers to map a path to buy and understand decision making of consumers.
 Improvement in sales cycle - The consumer decision making must be mapped well
before by the firms that can help the firm to improve their sale cycle. A key reason which
makes customer journey mapping much important is the businessman must identify the