Consumer Behavior Study Assignment

20 Pages5724 Words204 Views

Added on 2019-12-03

Consumer Behavior Study Assignment

Added on 2019-12-03

BookmarkRelated Documents

CONSUMER BEHAVIOUR

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11. Analyze and compare the 5 stage decision making process against two different decisionmaking models in relation to purchasing behavior..........................................................................12. Critically evaluate the 5 stage decision making process in the relation to other models............33. QUESTIONNAIRE FOR IN-DEPTH INTERVIEW WITH TWO CONSUMERS...................54. INFLUENCE OF IT AND COMMUNICATION TECHNOLOGY ON CONSUMER’SDECISION MAKING PROCESS...................................................................................................75. CONCLUSION & RECOMMENDATIONS..............................................................................8REFERENCES..............................................................................................................................10

INTRODUCTIONIn the present scenario, every organization has to study the consumer behavior so thatthey can assess their purchasing decision and make products accordingly (Deen and Hendricks,2013). It is because; consumer decision making plays a significant role in consumer behavior bystudying of which, firms can make judgment on the way through which people evaluate theproducts and services and make their final decision. In today’s world, social media andinformation technology (IT) plays a significant role in influencing the consumer behavior (Ford,2009). In the present report, there will be focus on analysis and comparison of 5-stage decisionmaking process against two different decision making models with relation to purchasingbehavior of consumers. Along with that, there will be discussion on influence of IT andcommunication technology on consumer’s decision making process. For this purpose, the firm,Thomas Cook, has been chosen with taking its service of providing holiday packages intoconsideration. 1. ANALYZE AND COMPARE THE 5 STAGE DECISION MAKING PROCESS AGAINST TWO DIFFERENT DECISION MAKING MODELS IN RELATION TO PURCHASING BEHAVIOR5 stage decision making modelThis model consists of five stages that needs be identified by marketers at the time ofdeveloping marketing strategy of the organization (Garson, 2006). These five stages helpcompany to evaluate the buying behavior of customers as well as their perception so that it candeal effectively with different kinds of individuals. Five states related to this model arementioned below as:Need recognitionNeed is one of the essential factors that influences individual to purchase products andservices provided by different organizations. Once the need is generated, customers are startingto focus on getting knowledge about products and services. If, there is no need, there will be nopurchase (Calabrese, 2012). For example, hunger is the major need of every individual; when heor she gets hungry, them they are focused to purchase any food items from the market. There are1

mainly two types of needs including internal and external. Internal need is occurred when ahuman being feels the difference between an actual state and a desired state. On the other hand,external need is generated when friends, colleagues and relatives influence individual topurchase something. Information search After the stage of need recognition, stage of searching information takes place thatincludes the process of gathering information about the products and services available in themarket. This information will be collected by the individuals to satisfy their needs that have beengenerated in the earlier stage (Jensen, 2005). There are also two types of information searchincluding internal and external. In internal search, past experiences related to buying productsand services are considered by individuals in order to take further actions. While in case ofexternal search, information is collected from the outside world that includes several tools suchas advertisement campaigns, recommendation from friends and other marketing sources. Evaluation of alternativesAfter completion of second stage, individual is focused on evaluating the number ofalternatives of products and services present in the market. Through evaluating the allalternatives, he or she will be able to choose the suitable products and services as per theirdemands (Mathews, 2013). In this stage, two criteria are considered by customers that are relatedto objective and subjective. Objectives consist of the features and functions of products whilesubjective involves the perception of individuals in term of company’s brand value. Purchase decisionAfter evaluation of various alternatives, one of the best alternatives of products andservices is purchased by customers in this stage. Purchase decision of customers depend mostlyon the internal and external sources of information research that include features, functions andbrand value of products as well as services (Gulledge and Deller, 2009). Post purchase behavior2

End of preview

Want to access all the pages? Upload your documents or become a member.

Consumer Behavior and Marketing Psychology Presentation 2022

|14

|1107

|37

Importance of Studying Consumer behavior in market research

|13

|2394

|126

Consumer Decision Making Process: Analysis

|20

|6994

|381

Report On PepsiCo - Purchase Decison-Making Process | Marketing

|15

|3111

|578

Consumer Behaviour and Insight

|11

|3163

|61

Unit 37: Consumer Behaviour and Insight

|12

|3458

|89

Consumer Behavior Study Assignment