Factors Affecting Consumers' Buying Decision
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Added on 2019-12-18
Factors Affecting Consumers' Buying Decision
Added on 2019-12-18
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MARKETING INTELLIGENCEPage | 1
Table of ContentsIntroduction:....................................................................................................................................3LO 1.................................................................................................................................................31.1 Describing the main stages of the purchase decision making process of the consumers:.........31.2 Explaining theories of buyer behaviors:....................................................................................41.3 Explaining the factors that affect buyer behavior:.....................................................................41.4 Evaluating the relationship between brand loyalty, corporate image and repeat purchasing:...5LO 2.................................................................................................................................................62.1 Evaluating different types of market research techniques:........................................................62.2 Using sources of secondary data to achieve marketing research objectives:............................62.3 Assessing the reliability and validity of the market research findings:.....................................72.4 Preparing a marketing research plan to obtain information in a given situation:......................7LO 3.................................................................................................................................................83.1 Assessing market size trends within a market:..........................................................................83.2 Planning and carrying out competitor analysis:.........................................................................93.3 Assessment of organizations opportunities and threats:............................................................9LO 4...............................................................................................................................................104.1 Assessment of evaluating customer response:.........................................................................104.2 Assessment of customer satisfaction survey:..........................................................................104.3 Assessment of success of completed survey:..........................................................................11Conclusion:....................................................................................................................................12References......................................................................................................................................13Page | 2
Introduction:Assessing the behavior of the buyers and customers is necessary for organizations in thiscompetitive place to meet the objectives and goals in an appropriate manner. Productivemarketing planning is necessary to understand different dynamics of the market environment andperform as per the necessity of the field. The following study would elaborate market size andtechniques along with significance of customer satisfaction in order to become the pioneer of theindustry and gain more financial and non-financial advantage in the market place. Moreover, thestudy would consider the working climate of Morrison’s and point out all the strategic andmarketing objectives required to achieve obligations or targets. LO 11.1 Describing the main stages of the purchase decision making process of the consumers:The purchase decision making process can be defined as the action used by the consumers orbuyers at the time of buying or before or after buying a product. The whole process is divided infew stages which are:Identifying problems: According to Tingchi Liu et al. (2013, p.22), it is the stage where the buyer takes the decision ofbuying products or services which meet the problems or needs (Ali, J., Kapoor, S. and Moorthy,J., 2010).Realizing needs: At the time of purchase, the buyer should have clear idea of his or her requirement. Therefore,realization of needs is always needed.Product analysis: In this stage the buyer identifies the product or products he or she is looking for. Baker andParkinson (2016, p.257) stated that this stage is where the buyer gets to know about the qualityand price of the product or services (Ali, J., Kapoor, S. and Moorthy, J., 2010).Supplier Search: Page | 3
In this stage, the buyer identifies the seller from whom he or she will buy. The two factors thatwork here is cost and the quality. The buyer always aims to purchase a product or service havinggood quality but at a reasonable price.Evaluation of Alternatives: In this stage, the buyer tries to find some alternative products or services which can satisfy his orher need. The comparison is done to get the actual value of his or her expenditure (Baker, M.J.and Parkinson, S.T., 2016).Purchase Decision: After evaluating all the criteria, a buyer decides to buy, given that the outcomes of the analysis ofthe above criteria meet the satisfactory level.1.2 Explaining theories of buyer behaviors:Of the several buying behavior theories, Maslow’s motivation need theory is sought the most.The theory describes five important factors that drive the needs of a person. They arepsychological needs, safety needs, love needs, esteem needs, and the self-actualization needs. Inthe importance level, the last one remains the at the top because it is believed that self-actualization can only be achieved if and only if first four needs are met. Therefore, it is calledthe growth need and the first four are called the deficiency needs (Maslow, 2013, p.95).The psychological needs are the basic needs of a human being like water, shelter, food etc.The safety need is the security itself; the love needs are friendship, family etc. The esteem needis prestige and the self-actualization need is to fulfill desires. Therefore, it can be seen that toachieve the self actualization needs, one has to first achieve the other basic needs. The graph willmove upwards with time and with every achievement. There will be ups and downs, but theperson should move along to reach the goal (Baker, M.J. and Parkinson, S.T., 2016). Therefore,it applies to organizations in a way that their products should be fitted in these needs. Forexample, Apple always keeps its product’s prices high only to make the buyers believe that theproducts are a symbol of eminence. 1.3 Explaining the factors that affect buyer behavior:There are several factors that affect the behavior of a buyer. These factors include culturalattributes, social, personal and psychological attributes.Page | 4
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