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Consumer Behaviour and Insight Assignment (Doc)

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Added on  2020-10-05

Consumer Behaviour and Insight Assignment (Doc)

   Added on 2020-10-05

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CONSUMERBEHAVIOUR ANDINSIGHT(PART-1)
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Table of ContentsINTRODUCTION...........................................................................................................................1Explanation of consumer decision-making............................................................................1Models of consumer decision making....................................................................................1Mapping out of decision making processes for a specific service or product .......................2Importance of mapping a path to buy and understand consumer decision making................3Levels of consumer decision making.....................................................................................4Factors that influences the decision-making process ............................................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
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INTRODUCTIONConsumer behaviour is defined as the study of groups, organisations and individualsalong with all activities which are associated with use, purchase and disposal of goods andservices. Consumer insight is specified as the interpretation of human behaviour trends whichenhances effectiveness of a service or product for customer. It is started as understanding ofconsumer's perception that impact the business environment in a considerable manner. Thisassignment is based on The Grocery which is a grocer shop offering whole and organic food toits customers. Company is situated in London, UK and provide eatables to local community.This report will cover models of consumer decision making along with mapping out path for aspecific product or service. Beside this, level of consumer decision making and factors whichinfluences them are discussed. Explanation of consumer decision-makingConsumer decision making is a process which is used by customers while selecting aparticular product or service from the marketplace. Processes associated with decision makingwill changes for different customers. It basically depends upon the needs and requirements ofcustomers. This process benefits the customers in acknowledging their needs, evaluatingalternatives and taking accurate purchasing decisions. It is a specific form associated with cost-benefit analysis (Carlucci and et. al., 2015). Models of consumer decision makingThere are different models which are associated with consumer decision making. Thesemodels are based on the economic and emotional aspect of the customers. In case with TheGrocery, these models are mentioned below: Economic model: This model assumes that consumers are the rational individuals andprefers to take rational decision. This is because these individuals have the habit ofanalysing and evaluating the services & products before purchasing them. It is anunrealistic model as customers posses limited skills, conceptualisation and values due towhich it is not possible for them to be rational every-time. Passive model: Here customer takes decision in accordance with the promotionalactivities which are carried out by company. In this model, company responds towardsthe appeal of company by purchasing their products. It is also an unrealistic model as1
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