HNBS 327 Consumer Behaviour & Insight Assignment

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HNBS 327 ConsumerBehaviour and Insight
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1Decision making process of consumers.................................................................................1Consumer decision making models........................................................................................1Decision-making process of consumers for a particular product or service..........................2Importance of path making concept for purchasing and understanding the consumer decision-making....................................................................................................................................3Different levels of the consumer decision-making.................................................................4Factors which influence or impact the decision-making.......................................................4LO 2.................................................................................................................................................5Comparison and Contrast key divergence among Business to Business (B2B) and Business toCustomers (B2C) decision-making process...........................................................................5Market research varies as per B2B and B2C..........................................................................6Personality, self motivation and different customer perception impact on decision-makingprocess....................................................................................................................................7Behavioural as well as cognitive approaches for understanding the consumer learning.......7Factors that impact on consumer behaviour...........................................................................8Process of utilising the purchasing behaviour of customers for influencing the decision-making process in context of B2B and B2C..........................................................................8Evaluation on the impact of digital audience research developments for understanding theconsumer behaviour................................................................................................................9CONCLUSION.............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONConsumer refers to an individual who buys services or products for personal usage andis not for purpose of resale or manufacturing. They take decisions regarding whether they willbuy something within the store or not and they are the one who may be easily influenced byadvertising and marketing techniques(Bereznoy, 2019). Consumer behaviour refers to branchof scrutiny of various types of stages which are associated with buying of services and goods.This report is based on Unicorn Grocery which is a grocery store situated within UnitedKingdom. This report deals with formative discussions on stages associated with consumerdecision-making, their importance, differences in B2B and B2C in relation to decision-making.Apart from this, different approaches related with market research are discussed. Furthermore,ways in which marketers impact decision-making processes are evaluated.LO 1Decision making process of consumersConsumer decision making can be referred to as a process which is adopted byconsumers in order to execute an optimal decision while selecting relevant and suitableproducts and/or services for their personal consumption(Calder, Isaac and Malthouse, 2016). Itis dependent upon the needs and wants of various types of customers. It is crucial for consumersas this aids them in deciding their most preferable product from a number of available optionswithin the market.Consumer decision making modelsThe consumer decision making is a crucial process for consumers and in this regards, anumber of models prevail which defined the basis on which people tend to take decisionsregarding purchase. These are briefly defined as follows:-Economic Model:This model assumes that consumer is a rational being and takes arational decision. This assumption is made as per the general behavioural characteristics ofconsumers, which is to analyse and evaluate the benefits of products before making a purchasedecision(Gensler and et. al., 2015). This model is unrealistic as people have limited skillswhich restrain them from being rational while carrying out decision-making.Cognitive Model:This is regarded as the best model for this process as it describesdecision-making process in accordance with the needs and demands of consumers. This states1
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