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Unit 37– Consumer Behaviour and Insight

   

Added on  2021-02-21

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Unit 37- Consumer Behaviour andInsight

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY ..................................................................................................................................1Stages of decision making process .............................................................................................1Understanding consumer purchasing behaviour for the purpose making decision in thecompany .....................................................................................................................................2Evaluation of decision making process by applying concepts and models ................................3Critical evaluation of theories, concepts and models that influence decision making process..4Compare and contrast key differences in decision making process in B2C and B2B business .4Different approaches to market research and its influence on stages of decision makingprocess..........................................................................................................................................5Evaluation of factors that influence decision making and buying behaviour ............................5Influence of marketer on different stages of decision making process of B2C and B2Bbusiness........................................................................................................................................6Critical evaluation of influence by marketer on stages of decision making process by applyingmodels ........................................................................................................................................7CONCLUSION ...............................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONConsumer behaviour refers to the study that involve purchasing power ofconsumers, organisations, and different groups that help in satisfying their needs and demands(Carlucci and et. al., 2015). On the other hand, consumer insight is the approach that is used fordeveloping a better understanding regarding consumer taste and preference. Present study will be based on Amazon company. It is the biggest online shopping storethat offer products such as apparel & accessories, shoes, books magazines etc. Report emphasized on stages of decision making that help in making product and variouspath that is being followed for understanding consumer needs and demands. It also includevarious concepts and models that are related to decision making process and applicability of it inthe organization. It also include different approaches that is used for conducting marketingresearch in making decision. Furthermore, it will include influence of marketer on differentstages of the decision making process of B2C and B2B services.MAIN BODY Stages of decision making process Consumer decision making process is the approach that is used by consumer foridentifying needs and demands then collecting information and lastly evaluating results of it thathelp them in making buying decision. There are five stages that is involved in this process are asfollows:Recognition of need:- This is the first stage in which consumer is determining its needs andwants. It is the most important factor that help in buying products and services. It can beidentified as by doing market research or by seeing advertisement on television that help them inpurchasing product or services from the market (Shankar and et. al., 2016). For example:Amazon is bringing new product as herbal cream that is made from leaves. Before introducingproduct into the market it have to identify that this is need of consumer or not by targetingparticular market. If need can be identified then it will become easy to sale product to consumers.Searching information:- After recognizing need consumer is searching information related toproduct that is being offered by the company. For example: Before purchasing product ofAmazon consumer is doing its related search that help it in satisfying its needs and demands. Alternative evaluation:- In case when product is not liked by consumer then it will be searchingfor best alternative as there are two options for choosing product and making best decision. For1

example:- Amazon is providing herbal cream that is not liked by consumer and another companythat is making same product so that will become better option for consumer to buy. Purchase decision:- After deciding needs ,searching information and finding out best alternativeconsumer finally able to take its decision for purchasing product or services. In this afterevaluating all the nest possible options it came at this stage that help in fulfilling its needs anddemands for the future course of action. For example: After searching all options consumerdecide to purchase product of Amazon that also help in increasing sales of the company. Post purchase Behaviour:- This is the last stage in which consumer is analysing whether theproduct is good or not. In case product is meeting consumer expectation then it will be beneficialfor the product (Hofacker, Malthouse and Sultan, 2016). For example: Before purchasing herbalcream consumer determine its usefulness in using it after that it will come into conclusion forpurchasing that product. Therefore, all the above stages help in taking buying decision for theconsumer. Understanding consumer purchasing behaviour for the purpose making decision in the companyFor understanding purchasing behaviour of consumer Amazon have to adopt differentlevels of consumer decision making that help in determining needs are as under:Extensive Problem Solving:- In this consumer is more possessive about product and finding outextensive information by gathering data that help in fulfilling its needs and wants. Analysingproduct on the basis of its features, reliability that help it in sustaining in the market for thelonger term. For example: Amazon is providing herbal cream for ladies so it is targeting thatgroup that help in increasing its sales for the future. Consumer is doing extensive research for thepurpose of gaining better knowledge about the product that is offered by Amazon to itsconsumers. Limited problem Solving:- In this consumer is conducting a small search regarding suitabilityof product and services that help in satisfying its needs and wants. Under this consumer is doingresearch while selecting particular brands. As it is specific to the brands that help in evaluatingdifferent perspective for the future (Calder, Isaac and Malthouse, 2016). For example:- Forselling herbal cream in the market Amazon have to conduct specific market research that help ingaining market share so that consumer are selecting this product in their list that help inincreasing productivity as well as profitability. 2

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