Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 P1 Stages of consumer decision making journey.......................................................................3 P2 Understand the consumer decision making and its significance for marketers in context of Coca-Cola....................................................................................................................................5 TASK 2............................................................................................................................................6 P3 Differences in the decision making process of B2C and B2B...............................................6 P4 Various approaches and methods of market research used for understand decision making process.........................................................................................................................................8 TASK 3..........................................................................................................................................10 P5 Influences of marketers on various stages of decision making process of B2B and B2C..10 CONCLUSION..............................................................................................................................10 REFERENCES.............................................................................................................................12
INTRODUCTION Their are different kind of process regarding which decision making has been understand by customers and on the basis of which knowledge can be enhance. Further, there are various evaluation of substitutes along with their needs of recognition from research and buy various goods and services that has been manufactured. Apart from it, in order to grow in particular market place company require to make changes in their existing products and services that allow them to take competitive advantages over competitors. Under this assignment the company which is preferred i.e. which is Coca-Cola UK based largest beverage company and is the leading producer and marketer of soft-drinks and it comprises of millions of employees that provide their services at global level(Ali, A., and et. al. ,2011).Further this assignment discuss about the stages of consumer decision making, understanding the consumer decisions, key differences in decision making process, key approaches to marketing research or methods and factors that influence the decision making under the process of B2B and B2C which help in accomplishing the goals of business. TASK 1 P1 Stages of consumer decision making journey Consumer behaviour can be described as process under which there are many process are undergo in which consumer go through many steps and thus then they have to make purchase and it generally involves different kind of factors that will influence the decision making of organisation and on the basis of which they are being utilised. Further, there are mainly involvement of five steps which are involved in the whole process of decision making. Further these steps are mainly related to the need of recognisance, search of data, evaluation alternatives purchase available and post behaviour of clients. Further these steps guide the marketers how they effectively communicate with various customers by the help of effective funnel. Further there is one things that consumers does not move within the exact order within particular process. Apart from it, this mainly depend upon type of product consumer is using along with their financial status and performances. Five kind of stages which are describe below:-Need recognition:- The first step plays an vital role in overall operation of business and helpful in decision making process of customers. Under this there is important to have proper understanding of needs on the basis of which they are mainly taken and there is element called need on the basis of which actual purchase of product and services are
made. In case of Coca-Cola they will provide flavours drinks to their target audiences and taste and standard quality of product differentiate it from other competitors and provide competitive edge over competitors.Research and collect information:- This is consider as second stage after recognising needs and the main role played under it is related to collection of data and information from various sources and evaluate them in such way which will provide maximum return in future. Buying decision of costumer is generally based on the quality and features that providing by firm compare with their expectation and on the basis of which buying decision has been made. In case of Coca-Cola company research regarding the taste and new flavour customer want in their products on the basis of which they satisfy niche demand of customers.Evaluation of alternatives:- Their are different kind of ways or alternatives through which needs and requirement of customers can be evaluated and the improvement they made in their product and services through which they satisfy the needs of customers. Further improvement can be done on the basis of quality, price and innovative feature made in respect of their goods and services. Further, example can be taken from coca- cola company in which innovative drinks has been developed by company on the basis of which they satisfy needs and wants of customers(Bruwer and Buller ,2012).Actual purchase of products:-Under this stage decision has been taken by costumers regarding what they have to purchase and what they not purchase. This will being examined and determined by all the data they have collected in order to purchase the products and services which help in satisfying needs and desire of customers at optimum manner. For example Coca-Cola drinks are examined properly and on the basis of which individual finalise the products services which he or she mainly will buy the products according to their budget in order to satisfy the needs of costumers. Post purchase evaluation:- This is the last step under which decision has been taken by considering all the facts and elements. Further they is also examination regarding all over performance of workforce and feedback they get from costumers in which all the strengths weaknesses in respect of product has been evaluated and on the basis of all opinion overall improvement has been made which leads to better decision making.
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Therefore, it is essential for Coca-Cola to consider all the above stages in order to maintain their sustainability in external market for longer period and helpful in increasing the market share and profitability of business. P2 Understand the consumer decision making and its significance for marketersin context of Coca-Cola Their is also need of conducting overall behaviour of consumer which is very important for marketer. Apart from it, it is highly advantageous for marketer to understand the living standard of individual on the basis of which they analyse the idea regarding overall purchasing power of customers along with having product which are easily destroy along with services of individual or particular group. Further it will help in getting support and determine the multiple costumer who express their opinion, thoughts along with their experiences and perception that give the idea to marketer that how they satisfy needs and wants of customers. If it consider on the aspect of marketer their main objective or aim is to promoting and marketing of goods and services which improve their sales ratio and increase profitability of business. Other major principles that helpful in generating the revenue or profit is to understand the market changes and work on the basis of perception made by customers. In modern scenario customer is consider as king of market because there are highly aware and educate in respect of quality standard and prices fix in respect of products and services and if any company charge higher prices more than MRP then he or she has right to file case against it. Now a days it has been evaluated from detailed study in respect of selling product services and this will also boost up the morale of individual in respect of buying the product that will help in enhancing their sales. Therefore, it is important to understand overall procedure of decision making in respect of consumer for marketer and this can be analyse on the basis of following factor stated below:- Acknowledging properly the buying behaviour of consumers(Chamlertwat and et. al. ,2012). Determining and evaluating number of factors that affect the buying capacity of individuals. Indulging new and innovative techniques in their products and services that attract various costumers to buy the products in bulk.
In order to expanding the market at global level and in order to becoming the customer first choice management need to avail their items online so every one buy and consume services easily. Formulating various types of market strategies and tactics at the time of introducing new features in respect of product services and this must be done after analysing policies adopted by rivalry so they easily beat all the challenges of rivalry. Marketer at the time of using various marketing promotion strategies ensure that it will impact long lasting in the mind of target audience positively in order to increase the sales and profitability of business. From the above mentioned report there are different major factors and elements which help in understanding the needs and requirement of customers which allow them to take the decision making in respect of buying the products and services. Manufacturing different products and services only with the motive of increasing the satisfaction level of costumers from their product segment. Apart from it there are various kind of factors and elements that affect the overall operation of business and under this most important is related to consumer behaviour that decide the sustainability position of business therefore it is important for Coca-Cola to set up target standard in respect of their clients on the basis of which they achieve their end results. TASK 2 P3 Differences in the decision making process of B2C and B2B B2B business:- This term can be described as process in which all the commercial transaction exist between various businesses and parties involved under it are wholesaler, retailer and manufacturer or in other word it is business which has been conducted between various companies instead of individual costumers. Further, particular supply chain has been maintained that involving various multiple business transactions under which company purchase raw material and transfer the finished product to another dealer. Business to consumer:- Under this transaction related to business conducted between consumer and company who are consider as end user of products and services without any further transfer. Under this chain the main objective is comprises of large customer base in which proper action plan and strategies has been made between different business partners through which they can carry out overall operations of business. Endeavours whose items are expended fully to the end clients known as B2C consumer. Their are different types of elements or factors which are
indulging within this process and this will help in providing different exposure to various areas which are not covered. Different factors among B2B and B2C which stated below:- BasisB2BB2C MeaningTherearedifferentkindsof goods and services which are directlysoldtoanother business and does not include the involvement of customers. Theirarevariouskindof goods and services which are directlyconsumedbyend consumerinwhichfurther sales is not possible. CustomerInvolvement of two business parties Involvementofdifferent customers. Main focusTheirmainfocusisto developingthelongterm relationship with their business clients. The ultimate aim of B2C is to saletheproductsservices directly to customers. Quantity of merchandiseItcanbelargerbecauseof interferenceofvarious business parties. Canbesmallbetweenof directly sale to costumers. RelationshipManufacturerarerelatedto wholesaler and then related to retailers. Inthiskindofphenomena thereisdirectrelationship between retailer and customers withouttheinterferencesof middlemeninordertoearn more profits. Horizon of relationshipFor longer periodFor shorter period Buying decisionUnder this kind of factors or elementsthewholebuying decisionisbasicallydepend uponneeds,desireand Buyingdecisionisfully dependupontheneedsand desires of customers.
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relationship between different business clients. Selling cycleSellingcycleofB2B procedureiscomplexand lengthy. Underthissellingcycleis comparativelysmallerand shorter in size. If these terms apply in Coca-Cola context then from lifestyle point of view it is best suited from B2C content marketing model(Darley,Blankson and Luethge ,2010).Few elements that go into B2C marketing are stated below:- Brand identification:- Consumer which are inclined towards brand products have favourable opinion in respect of brand. For example Coca-Cola in which branding collateral towards happiness and slogan like Have a coke and smile all fully attach to emotion of consumers. Other two element in respect to it are:-Emotional impact:- If there is comparison of B2B with B2C then second one is highly effective and has more demand for creating satisfaction, entertainment value and connecting with people emotions. For example Coca-Cola present campaign is related to share a coke played important role on their brand value by encouraging buyers to create and share custom labels. Enhance value:-Other way for enhancing value by suggesting additional items that help in getting more purchase of original items. By using various marketing promotional tools like the Coke rewardsin which customers are getting an opportunities to show their loyalty in respect of particular brands. Therefore, it is essential for business to consider all the pros and cons of B2B and B2C business and select all those alternatives from these mechanism that allow them to increase their goodwill and brand equity that leads to accomplishment of objectives. P4 Various approaches andmethods of market research used for understand decision making process Their is difference in the whole thought and research process between consumer and company and efforts is made in order to increase the sales and profitability of business by bringing efficiency in order to increase the efficiency and effectiveness of business. Costumer is
consider as most important element and consider as king of market which decide the overall growth and sustainability of business. Further, it is essential for business to establish their own policies and strategies that help them in satisfying the current needs and demand of customers. Further, market research is one of the essential parts in today dynamic business environment in which marketer need to collect the data and information from customer regarding their recent needs and demand in relation to current products through which they can easily achieved all the objectives of business. Scope of various research and development department is increasing because of various fluctuation or variation arises in the current demand and trends of business that help in achieving all the objectives of business(Dholakia and et. al. ,2010). Apart from it, there are two research methods conducted under it are following:-Primary research:- Under this research all the information which has been collected are original and not gather from other medium like Coca-Cola itself. Under this research company selected some target audiences on the basis of which they find out what changes is needed in respect of their products and services. Further, there is less chances of inaccuracy and perfection is more but this approach is cost effective and time consuming and this is very important to consider all the facts because of changing perception among workers and it is essential to analyse market and select appropriate sample size in which they easily achieve all the targets in effective manner. Therefore Coca-Cola require to collect various data and information from primary source which they applied in their products and services that leads to accomplishment of objectives and goals. Secondary approach:- This approach is less preferable as compare to primary data and under this they have to collect the information and data from other source in which various medium and modes has been utilised like social advertising, newspaper and magazines in which various they used those data which are relevant and give better outcomes to business. In case of Coca-Cola it is preferable to use primary data because it provide them appropriate information which are up-to date and it is important to know what can be through it and regarding all the better outcomes from it. Apart from it, Coca-Cola want to know the opinion and viewpoints of B2B that help in knowing the actual needs of customers and it is helpful in getting the better and effective results.
Further, there are different types of policies and procedures under which changes need to be indulge for better effectiveness. Steps of decision-making process are describe below:- Firstly they need to collect all the data and information through which they analyse all situations.Further,itisimportantsteponthebasisofwhichtargetshasbeen accomplished and technique of data research that discuss below which help in knowing the demand of both retailer and customers. In dynamic environment it is not possible that company work on particular techniques so they choose options through which they easily achieve all the target and goals. Through research there are various factors or elements which might be differ therefore it is essential to analyse them on the basis of which they can improve their position. In case of negative results, it is essential for business if one option is not working then switch to another option through which they earn higher profits and able to accomplish their vision for which they are established. TASK 3 P5 Influences of marketers on various stages of decision making process of B2B and B2C Their are different process under which decision making of customers are made that consist of five steps which are mainly similar to the steps and stages which are mainly involved within the whole process of decision making of B2B market. Further, there are different aspect that can help in encouraging to the customers and their main objectives that need to concern are discuss below:- Their are many situations that help the marketer in taking the opinion and thinking of leaders before reaching to end results. Further, taking an opinion and suggestion from experience workforce help in taking rational decision-making(Durante and et. al. ,2010). Their are different kind of communication tools techniques which has been utilised by company with an objective of creating needs desire of person and motivate them to purchase the product of company. Research is need to carried out by marketer in which they focus on various factors and elements which is turn help the company in the whole process of decision making and alteration has been made in organisation structure that help in getting better outcomes and result both.
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Therefore, in modern scenario it is essential for business to understand all the needs and requirement of customers in such dynamic world where the changes are made in the choice, perception and thinking of customers that induces company to make necessary changes in their organisation structure that allow them to take competitive advantage over competitors and easily fulfils all the current needs of customers. CONCLUSION It has been concluded from above assignment that understanding the behaviour of customer is essential in order to running the business for longer period. Further, different tools and mechanism has been used by organisation in order to observe the insight of customer on the basis of which changes are made in the existing products and innovative launching of new product segment. Therefore, Coca-Cola need to understand the strategies of rivalry and then execute their own action plans so that all the objectives of business can easily be accomplish.
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