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Consumer insight and Behaviour : Assignment

   

Added on  2021-01-02

13 Pages3959 Words285 Views
Consumer insight andBehaviour

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Stages of consumer decision making journey .......................................................................3P2 Understand the consumer decision making and its significance for marketers in context ofCoca-Cola....................................................................................................................................5TASK 2............................................................................................................................................6P3 Differences in the decision making process of B2C and B2B...............................................6P4 Various approaches and methods of market research used for understand decision makingprocess.........................................................................................................................................8TASK 3..........................................................................................................................................10P5 Influences of marketers on various stages of decision making process of B2B and B2C ..10CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................12

INTRODUCTIONTheir are different kind of process regarding which decision making has been understandby customers and on the basis of which knowledge can be enhance. Further, there are variousevaluation of substitutes along with their needs of recognition from research and buy variousgoods and services that has been manufactured. Apart from it, in order to grow in particularmarket place company require to make changes in their existing products and services that allowthem to take competitive advantages over competitors. Under this assignment the companywhich is preferred i.e. which is Coca-Cola UK based largest beverage company and is theleading producer and marketer of soft-drinks and it comprises of millions of employees thatprovide their services at global level (Ali, A., and et. al. ,2011). Further this assignment discussabout the stages of consumer decision making, understanding the consumer decisions, keydifferences in decision making process, key approaches to marketing research or methods andfactors that influence the decision making under the process of B2B and B2C which help inaccomplishing the goals of business.TASK 1P1 Stages of consumer decision making journey Consumer behaviour can be described as process under which there are many process areundergo in which consumer go through many steps and thus then they have to make purchaseand it generally involves different kind of factors that will influence the decision making oforganisation and on the basis of which they are being utilised. Further, there are mainlyinvolvement of five steps which are involved in the whole process of decision making. Furtherthese steps are mainly related to the need of recognisance, search of data, evaluation alternativespurchase available and post behaviour of clients. Further these steps guide the marketers howthey effectively communicate with various customers by the help of effective funnel. Furtherthere is one things that consumers does not move within the exact order within particularprocess. Apart from it, this mainly depend upon type of product consumer is using along withtheir 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 andhelpful in decision making process of customers. Under this there is important to haveproper understanding of needs on the basis of which they are mainly taken and there iselement 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 audiencesand taste and standard quality of product differentiate it from other competitors andprovide competitive edge over competitors. Research and collect information:- This is consider as second stage after recognisingneeds and the main role played under it is related to collection of data and informationfrom various sources and evaluate them in such way which will provide maximumreturn in future. Buying decision of costumer is generally based on the quality andfeatures that providing by firm compare with their expectation and on the basis of whichbuying decision has been made. In case of Coca-Cola company research regarding thetaste and new flavour customer want in their products on the basis of which they satisfyniche demand of customers.Evaluation of alternatives:- Their are different kind of ways or alternatives throughwhich needs and requirement of customers can be evaluated and the improvement theymade 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 featuremade 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 basisof which they satisfy needs and wants of customers (Bruwer and Buller ,2012).Actual purchase of products:- Under this stage decision has been taken by costumersregarding what they have to purchase and what they not purchase. This will beingexamined and determined by all the data they have collected in order to purchase theproducts and services which help in satisfying needs and desire of customers atoptimum manner. For example Coca-Cola drinks are examined properly and on thebasis of which individual finalise the products services which he or she mainly will buythe 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 byconsidering all the facts and elements. Further they is also examination regarding allover performance of workforce and feedback they get from costumers in which all thestrengths weaknesses in respect of product has been evaluated and on the basis of allopinion overall improvement has been made which leads to better decision making.

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