Question 1

The five steps in the consumer decision-making process need recognition, information research, evaluation of alternatives, purchasing, and post-purchase decisions. As stated, not always do we consider the whole process especially when we are used to buying a particular commodity and due to the past experiences we’ve had with these products. However, some factors or conditions cause us to reconsider the whole 5-step procedure. They could either be personal or social.

For example,  consider an individual is relocating to a new place which is probably colder. One’s lifestyle is affected and so is their dressing code. This is a personal factor. It causes one not to consider their formal process of buying clothes and instead use the recommended consumer decision process. An example of a social element is attaining a new status, for example, getting married. This alters how one makes their decision when buying certain house goods such as furniture and the process of decision making because it ceases to be about one person.

Question 2

Value is the variation when a consumer compares the costs and importance or benefits of one or service to the others. The basis of value is human wants or needs. , on the other hand, involve the satisfaction of consumer needs. They are solutions to the questions customers consider before buying an object or a service. Both benefit and value are related or fit together in that they result from human need and satisfaction and are not necessarily about the prices. For these to work together, one should identify the needs of their customers.

One may know they had the right audience through the post-purchase reports they receive, whether the goods fulfilled their wants or not, through receiving fewer complaints and frequently getting positive feedback verbally or on their social media platforms. Another way is by customers returning for more of their goods or services and referring others to their stores. The more customers connect with one’s products, the more they spread the word about them.

Question 3

In determining potential competitors, our company needs to identify the line of industry in which we belong, and the scopes present to give our products and services. We also need to determine our customers and their levels of expectation. I require to first look at other similar industries from the customers’ perspective and second, look at them from their perspective. By taking the customers, the point of view, one should be able to think like a customer and consider the companies’ strengths and weaknesses. For example, why would a consumer consider their products and not ours? Is it because of their quality or because they do things differently from others? Looking at them from their perspective, on the other hand, involves looking at their products and services and how they would present them in the field. Consider weaknesses and how we would try to solve them.

Customers may have other non-product factors that they may consider consciously and subconsciously while deciding between our company and our competitors. Some of these factors include brand name packaging, pricing, and reputation. The brand name is a great deal to many people and should express great imagery to the customers. Packaging should be authentic but carry the customers’ attention.  People are influenced to buy an item depending on the products of sale. For example, if the difference in the price between two types of brooms on sale is very high, the consumer is likely to buy the cheaper one. Finally, reputation is outstanding, and the company should strive at maintaining a positive one.

Question 4

Sampling in market research means obtaining opinions from individuals chosen from a specific larger group to know the views of the whole group. Collecting data from everybody in the larger group is time-consuming and expensive. The market researchers use sampling by use of careful designs and analysis. Sampling is essential because it is the only method that can be used in a substantial population. It is accurate because each subject being studied is given enough attention.

A survey can be indeed relied on if the population chosen is ideal and will give relevant information on the products and services they receive from the company. One may need insight on their goods probably before introducing them in the market; hence the right population is essential. One should, therefore, consider several factors when choosing this population. For example, if one wants to introduce a new brand of sanitary towels before 2020, and need to carry out a survey, they should consider perhaps only ladies and also find the age brackets of these ladies to obtain relevant and useful insight which can either sell or dismiss their products.

Question 5

Consumer behavior is physiological and involves their emotions and thoughts that can change with the variations in the market. The factors that influence this behavior include cultural factors, social, personal and psychological factors. These dimensions are all critical when a consumer is buying a specific product or service.

Personal factors greatly influence the consumer’s behavior. Subfactors under this category are age, occupation, economic or financial condition, personality, and lifestyle. In this case, we will consider the trade, lifestyle and economic condition. For instance, Jeremy works as a Chief Executive Officer while Tom, his friend, works as a kindergarten teacher. While buying clothes, there is a big contrast between their choices based on the factors mentioned above. Jeremy buys from premium brands following his designation which is expensive in comparison with Tom’s which are relatively cheap and not so much conscious about his occupation.

Question 6

Business to business marketing refers to marketing between two or more companies. On the other hand, business to consumer involves commerce directly to consumers who are the end users of the product. There are differences between these two types of marketing. These include the process of decision making, the decision maker and the underlying motivation to buy a particular good.

Decision-making process and the underlying motivation would be a subject of study in this paper. In B2B marketing, customers will take a more extended period to research the products since they must consider other competing alternatives and all the benefits. B2C marketing takes a shorter period in decision making. In underlying motivation, B2B customers buy products to improve their business while B2C buy to improve their lives in certain ways. Links to an article https://www.disruptiveadvertising.com/marketing/b2b-and-b2c/

References

https://www.disruptiveadvertising.com/marketing/b2b-and-b2c/

Chaudhuri, A. (2006). Emotion and reason in consumer behavior. Routledge.

Brennan, R. (2014). Business-to-business Marketing (pp. 83-86). Springer New York. Cohen, J.

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Hoyer, W. D. (1984). An examination of consumer decision making for a common

Repeat purchase product. Journal of consumer research, 11(3), 822-829.

Sheth, J. N., Mittal, B., & Newman, B. I. (1999). Consumer behavior and beyond. NY: Harcourt

Brace.