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Evaluate And Explain Stages Of Decision Making Assignment

   

Added on  2021-02-19

14 Pages4791 Words56 Views
CONSUMERBEHAVIOUR ANDINSIGHTS
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK1.............................................................................................................................................1P1 Evaluate and explain stages of decision making of consumer for product or service......1P2 Importance of mapping path of buying and understanding consumer decision making formarketers................................................................................................................................2TASK2 ............................................................................................................................................5P3 In context of B2B and B2C compare and contradict important differences in decisionmaking process with the help of specific examples...............................................................5P4 Examine various approaches and methods of market research applicable in understandingB2C and B2B decision making process.................................................................................7TASK3.............................................................................................................................................9P5 Provide marketers influential points which will differ at every stage of decision makingprocedures with understandable examples.............................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONConsumer behavior is understanding their needs, wants, purchase decision and factors affectingbuying pattern. Consumer insights in estimation by business to gain knowledge about behavioralpattern of customer to increase effectiveness in marketing strategies. This assignment will befocusing on Car as product by Audi which is German brand dealing in luxury cars. In this report,evaluation of stages which justifies consumer decision making for product is done. Importancefor marketer to examine path to understand decision making of customer. With help of examples,comparison will be done to find out differences in respect of B2C and B2B decision making. Insame context analyse various approaches and methods of market research to gain knowledgeabout process of decision making. Using relevant examples, find out that how marketerinfluences different stages in process of B2B and B2C decision making. TASK1P1 Evaluate and explain stages of decision making of consumer for product or serviceConsumer decision making is process by which customer makes purchase relateddecisions after going through some steps (Calder, Isaac, and Malthouse, 2016).This occurs whenbuyer have one or more choices in products for which sequential step are followed to reach onbest product to buy. Here consumer will follow steps to buy luxury car so that they are able tomake appropriate decisions, the stages are as follows:Need Recognition: This is first and most important stage in consumer decision makingin whichbuyer recognise that there is need of respective product. Businesses research about this need andthen supply products in market to earn profits. This step is considered to be important when needarises for expensive products like laptop, car, cellphones, home decor furniture. In case of luxurycar need can be safety, status, comfort, travelling, fuel efficiency, maintenance and mostimportant factor is price (Dominici and et. al., 2016). Consumers analyse all these factors whicheffects their respective needs and wants of along with whole process of buying behavior.Search information: After the need has risen and factors are analyse which will impactpurchase decision, information is search extensively to support buying. This information searchwill support every stage of process and assist in risk management. Data can be sources out fromdifferent platforms like commercial, personal, public and experiential sources which serves1
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distinguish need of information. In case of luxury car commercial sources like advertising,promotions, sales personnel and personal information from relatives, friends, family who owncar can give better recommendations. All this information is evaluated on basis of needs and thendecision and further stages are influence upto great extend (Durante and Griskevicius, 2016).Comparing alternatives: Once need is recognise and all related information is collected thennext step is to evaluate available options in market. There are different factors which influencethis step like price, quality, brand image, value for money and otherrelated aspects which affectsconsumer buying behavior. In case of luxury car different competitors are evaluated on the basisof price, mileage, after sales services, accessories, maintenance, discounts, models, etc. All thesefactors are closely analyse of substitutes before coming to purchase decision by the buyer. Purchase decision: After all stages are cleared, consumers are ready with decision to purchaseparticular product. This steps in collective efforts by customer to yield best value of theirexpenses to buy the car(Erevelles, Fukawa and Swayne, 2016). Purchase decision are greatlyinfluenced by marketing strategies of companies to promote its product by using extensivemethods for advertising. After evaluating all options available in market consumer decides tobuy luxury car model A4 of Audi. In this stage different options are available with buyer likefinance, complimentary services, discounts provided by dealer with purchase of luxury car ofAudi. Post Buying Behavior: This stage is characterised in analysing benefits of product which meansthat item was useful or not in satisfying needs or wants. There can be positive or negativefeedback about goods purchased. This is also done by organisation by collecting feedback ofbuyer and tries to improve their services for future efficiency.This stages are important forbusinesses to gain customer loyalty and positive publicity by satisfying needs. Audi can recordfeedback related to services, products and recommendations for company to enhance customerdecision making process (5 steps to understanding your customer’s buying process, 2016). P2 Importance of mapping path of buying and understanding consumer decision making formarketersThe whole journey which lead buyers to make decision of purchasing particular productand stages which they pass is called path. All this is important for marketing department of2
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