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Different Buyer Behaviour Aspects and Theories | Report
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Added on 2020-02-17
Different Buyer Behaviour Aspects and Theories | Report
Added on 2020-02-17
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Marketing Intelligence
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Stages of purchase decision making process.........................................................................11.2 Theories of buyer behaviour..................................................................................................21.3 Factors affecting buyer behaviour.........................................................................................21.4 Relationship between brand loyalty, corporate image and repeat purchasing.......................3TASK 2............................................................................................................................................32.1 Types of market research techniques.....................................................................................32.2 Uses of secondary data..........................................................................................................42.3 Validity and reliability of market research findings..............................................................52.4 Market research plan..............................................................................................................5TASK 3............................................................................................................................................63.1 Market size trends..................................................................................................................63.2 Competitor analysis plan.......................................................................................................73.3 Tesco’s opportunities and threats..........................................................................................8TASK 4..........................................................................................................................................104.1 Customer response acquisition techniques..........................................................................104.2 Survey..................................................................................................................................104.3 Success review of survey.....................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES................................................................................................................................1
INTRODUCTIONStrategies and action plans which are devised by a company should be made inaccordance with proper exploration of market activities. Marketing intelligence is the study ofunderstanding buyer behaviour and the nature of decisions they make while selecting a productor service. In this report, one will be able to get knowledge about different buyer behaviouraspects and theories. A brief description of market research techniques with their implementationin the form of market research plan is given in this assessment. Moreover, a customersatisfaction survey is also provided on behalf of Tesco which is an organisation that strives toattain maximum market share with at most customer satisfaction.TASK 11.1 Stages of purchase decision making processBuyer decision making process regarding the purchase of new product or service isseparated into five stages. These stages are problem recognition, information search, evaluationof alternatives, purchase decision and post-purchase decision. Whenever a customer requirescertain commodity or feels that some product of Tesco will be useful in meeting particulardesire. This is the initial stage of purchase decision making process. A chain of actions istriggered. The second stage of this process is information search (Solomon, Russell-Bennett andPrevite, 2013). For instance, if a person requires new pair of shoes for running, then he hasrecognised the problem. Now this person will gather information about sports shoes. The third stage of buyer decision making process is evaluation of alternatives. Consumersget to know about different companies which are selling sports shoes in various varieties. Oncethey have compared all possible options, fourth stage of purchase process starts i.e. buyingdecision (Saleh, Ali and Julian, 2014). The person from example has selected the pair of sportsshoes sold by Tesco. Buyer now pays respective amount and completes the purchasing stage.The last step of buyer purchasing is post purchase evaluation or behaviour. The satisfaction levelthat consumer has attained after using sports shoes or any other product of Tesco is the post-purchase behaviour. 1
1.2 Theories of buyer behaviourMarkets are made up of demands of individuals and supply from companies. Entiredecision of consumers is based on the nature of products and services that are given by abusiness organisation (Armstrong and et. al., 2012). Certain theories have been proposed foranalysing buyer behaviour. Four main buyer behaviour theories are generic, cultural,environmental and internal theory. Generic theory is applicable to consumers who makepurchase decisions only when they have particular needs. Generic consumers will opt for buyingproducts which are a value for money deal (Business Theories of Buying Behaviour, 2017). Onthe other hand, cultural theory is based on the influence of cultural factor like religion, sacredobjects, communal influence, etc. on purchase decisions of consumers. Cultural theory helpsTesco to understand the needs and requirements of consumers that are culturally inspired anddominated.Environmental theory of buyer behaviour is quite different from the above two. Whenconsumers portray different attitudes in varying environments then this theory is applicable. Forinstance, a person may feel like buying a chips packet from Tesco but while visiting the storethat individual changes his decision of chips to a packet of salad is a change in environment.Internal theory is based on personal attitudes and personality traits of individuals. Whenever,they make buying decisions on the influence of their personality then they depict internal theory(Ramsay, Wagner and Kelly, 2013).1.3 Factors affecting buyer behaviourFour prime factors that change or impact buyer behaviour is social, psychological,cultural and personal. Social factors include reference groups, family members, occupation orsocial status of an individual. When an individual wants to purchase some commodity fromTesco then, social factors aforementioned can affect his/her decisions (Southey, 2011). On theother hand, psychological factors work as a supporter to social influences. Motivation levels,perception towards a company, learning abilities and beliefs or attitudes of a person are thepsychological factors. If the concerned person has positive image of Tesco in his mind and hassupport from family members then he/she will make the purchase.Cultural factors are made of societal influence in the form of class, religious beliefs andsubcultural preferences which have a deep impact over buying behaviour of a customer. It is2
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