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Understanding Buyer Behavior Mechanism

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Added on  2020-02-17

Understanding Buyer Behavior Mechanism

   Added on 2020-02-17

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Marketing Intelligence1
Understanding Buyer Behavior Mechanism_1
Table of ContentsLO 1: Understanding buyer behaviour mechanism and the purchase decision process............31.1 Discussing the vital stages that are included in purchase decision by individual................31.2 Evaluating theories of buyer behaviour patterns of customers and other markets..............41.3 Discussing the factors that impact buyer behaviour............................................................51.4 Evaluating the relation between brand loyalty, brand image and repeat purchase..............5LO 2: Utilising market research techniques in several situations for Samsung.........................62.1 Assessing different types of market research techniques.....................................................62.2 Utilising facts for achieving market research objectives.....................................................62.3 Assessing the validity and reliability of findings from conducted market research............72.4 Conducting market research plan for accumulating information for a specific situation....7LO 3: Evaluating market size and future demand patterns........................................................93.1 Assessing the market size trends in a given market scenario...............................................93.2 Conducting competitor analysis for Samsung....................................................................103.3 Evaluating opportunities and threats for Samsung regarding product or service..............10LO 4: Calculating customer satisfaction levels of Samsung....................................................104.1 Assessing techniques to evaluate customer response.........................................................104.2 Designing a customer satisfaction survey..........................................................................114.3 Review of the success of the survey..................................................................................13Reference List..........................................................................................................................142
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LO 1: Understanding buyer behaviour mechanism and the purchase decision process1.1 Discussing the vital stages that are included in purchase decision by individualAs per Creyer (2014), the viability of the purchase decision process is evident from the factthat it has direct implications on the sale of a company’s products. The purchase decision-making process is highly a psychological effect that initiates a stimulus that eventually leadscustomers to purchase the products of a brand. The purchase decision process is easy tomanipulate but requires aggressive planning and clear idea of customer interests. In thestudy’s context, the case of Samsung can be used due to the immense competition it facesfrom several organisations regarding customer retention. Purchase decision of an individualmatters in a mobile phone industry due to the massive competition and any changes in buyingbehaviour has a direct connection with changing brand loyalties.Dishman and Calof (2015) argued that several factors can determine the changes ofpreferences and choices of individuals that may include buying situation, buying capacity andvarious other factors. Keeping in mind the business scenario of Samsung, several key factorsthat influence buyer behaviour include:Figure 1: Various factors in purchase decision-making(Source: Eggert and Ulaga, 2013, p.110)3StimulusAwareness of the issuesSearching key dataIdentifying alternativesMaking final purchaseEvaluating purchase
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Samsung has to be aware about the stimulus of consumers as the various social andcommercial issues can be detrimental in their decision to purchase. Competition from Apple,HTC, LG, Motorola and many other domestic and foreign brands create substitute in theminds of consumers. Samsung must focus on this factor and strive to build best value productto cut out competition. The digital age allows consumers to easily access data and makecomparisons between products. The advancements in technology is allowing various brandsto create advanced goods and Samsung being one of the most technologically superior brandsmust assert their strength regrading this fact. Constant monitoring of the post purchasebehaviour must be ascertained as well.1.2 Evaluating theories of buyer behaviour patterns of customers and other marketsAccording to Fleisher (2014), buyer behaviour patterns cannot be solely understood without aclear idea about the various markets and psychology of consumers. The use of models andtheories can be made to understand the buying behaviour decisions of consumers in acompetitive market. The use of Maslow’s hierarchy of needs model is critical forunderstanding consumer buying decisions and the various market opportunities and threatsthat hamper business.Figure 2: Maslow’s hierarchy of needs(Source: Frenzen and Davis, 2014, p.10)The theory model suggest that human needs are based on certain hierarchical needs that mustbe fulfilled in order to satisfy consumers. When the consumer is satisfied, the purchasedecision of the individual will automatically be influenced. As per Glance et al. (2015),4
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