\Consumer Behaviour and Insight for Waitrose
Added on 2021-06-22
14 Pages3844 Words28 Views
Page 1 of 14Consumer Behaviour and Insight for Waitrose
Page 2 of 14Table of ContentsIntroduction......................................................................................................................................4LO1..................................................................................................................................................4P1.....................................................................................................................................................4P2.....................................................................................................................................................6M1....................................................................................................................................................6LO2..................................................................................................................................................7P3.....................................................................................................................................................7P4.....................................................................................................................................................8M2....................................................................................................................................................9LO3..................................................................................................................................................9P5.....................................................................................................................................................9M3..................................................................................................................................................10D1..................................................................................................................................................14Conclusion.....................................................................................................................................15References......................................................................................................................................15
Page 3 of 14IntroductionConsumers are the pivot for Waitrose business organisation around which every business activityrevolves. Therefore, understanding and recognising the factors that affect their decisionsregarding purchasing a product. In this report, five stages of consumer decision-making andfactors that influence the ultimate decision have been discussed thoroughly in accordance withthe online shopping giant-Waitrose. In this case, thePrime membershipoption byWaitrosehasbeen studied. Apart from this, significance of mapping the consumer decision-making journey iselaborated with respect to the online shopping enterprises. In later section, a discussion onapplication of different models and theories to respond to the consumer decision making is done.Furthermore, the B2B and B2C approaches and their impact on consumer have been elucidated,and a comparison has been drawn between the two marketing approaches. Before concluding thisreport, an evaluation of different factors affecting the consumer decision-making process havebeen carried out. This unit is designed to enhance students’ knowledge and understanding of theconsumer’s decision-making processes, from needs recognition through research, the evaluationof alternatives, purchase and post-purchase evaluation. While students will learn theunderpinning theories and frameworks, they will also be expected to relate these to real-worldexamples, including their own personal experiences.LO1P1The consumer decision-making process for Waitrose is a part of marketing studies which themarketers often brought into use in order to track or identify the whole process of decision-making of the customers from the beginning to end. Usually, Decision making process of aconsumer could be understood and elaborated by using various models and frameworks. Thereare five process which could help in better understanding of a decision making process. Alongwith this mapping could be done upon the consumer to understand the purchasing processsufficiently. In addition to this certain solutions and views upon purchasing of a customer couldalso be made. Lastly the factors which influence the decision-making process enhances theability to understand the purchasing power. Some of such factors include elements of marketing
Page 4 of 14mix, emergence of new technologies, different stages of buying. it consists of five independentstages that are shown in the figure 1.Problem Recognition: This stage involves the identification of the customer’s desires orneeds. The customer tries to identify the factor which is missing and make efforts to get back tofeeling normal. In case ofWaitrose, the main problem that people used to face was delay in thedelivery of their order. So, the giant of online shopping- Waitrose identifies this problem andlaunched thePrime MembershipThose who avail this service is given the benefit of deliverywithin 24 hours after placing the order.Information Search: This stage is always changing and the information is gathered fromconsumers through recommendations and prior experiences. In addition to this, the customerbegins to give attention to risk management. A consumer might make a decision based on prosand cons list.Prime membershipcost the consumer some extra amount but they are beingbenefitted with the fastest delivery than any other online shopping business for Waitrose.Evaluation of Alternative: In this stage, the consumer starts to ask questions in order toseek some alternatives of the product. This can be done by reading reviews or comparing theprices, and finally choosing a product that suits them the most.Waitroseunderstands this, andrecommend its consumers some alternatives of its own.Purchase: Here, the customer makes up his/her final decision regarding the purchasingof the product that they are interested in Waitrose. The final decision is based on the assessmentof emotions, experiences, marketing, or advertisement.Post Purchase Satisfaction (Reviews): The review stage is the most crucial stage as itcan provide information about the satisfaction level of the customer. Feedback (both positive andnegative) are studied and changes based on the analysis are made. Waitrose specificallyevaluates the feedbacks from the customer and try to change or improve its product quality.
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