Table of Contents
1.1 Describe the main stages of the purchase decision-making process.
1.2 Explain the theories of buyer behavior in terms of individuals and markets.
1.3 Explain the factors that affect buyer behavior.
1.4 Evaluate the relationship between brand loyalty, corporate image, and repeat purchase.
2.1 Identify market research objectives.
2.2 Identify a range of market research techniques and evaluate their use and effectiveness.
2.3 Use of secondary data to achieve market research objectives.
2.4 Assess the validity and reliability of market research findings.
3.1 Assess market size trends within the market Sainsbury’s operates in.
3.2 Identify key competitors for Sainsbury’s and plan and carry out a competitive analysis.
3.3 Produce a SWOT analysis for Sainsbury’s and evaluate the opportunities and threats they face for a given product or service.
- A range of techniques used for assessing customer response and evaluate their effectiveness
4.2 Design a complete customer satisfaction survey.
4.3 Review the success of the completed survey.
A customer is that individual who is occupied in the expenditure procedure. The performance of the customer indicates that actions at both physical as well as mental stage reveal the entirety of customer choices regarding achievement, expenditure, or nature of services and goods (Best, 2014). In this task, a perceptive on the customer performance will shape the base of analysis of several marketplace sections. The whole task is grouped into four main sections. Firstly, it determines the levels of consumer making of decision procedure in conjunction with the several theories of customer performance in case of market or individual.
It also describes the issues disturbing consumer performance or the connection which exists among product reliability, business representation, or repeat buying. In Task 2, an analysis of the estimation of several marketplace analysis methods is completed. It also discusses the different resources of data which are secondary and their dependability to gain market analysis objects. Task 3 describes the several marketplace developments or investigations of the participant for a provided business. It also discusses the threats or opportunities a business faces for provided service and goods. The last Task includes an analysis of buyer reactions. In this Task, a whole consumer pleasure review is being carried out.
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1.1 Describe the main stages of the purchase decision-making process.
As Kotler et al. (2014) note, consumers endure a five-level making of decision procedure in any buy. This is described in the figure as follow:
Diagram: Five stages of the customer buying process. Source: Tutor2u (2016)
The entire procedure of acquisition starts from the primary level of requiring acknowledgment that indicates that want or difficulty like starvation that obtains him to go for the buy. Aspiration can also be a developing issue for the consumer, for example, the fragrance of a chocolate muffin can draw consumer attention to purchase it. The second step of data looks for the buyer to attempt to get data on the marketplace from different means like friends, relatives, family or marketing or sellers, or by analyzing (Blas, 2012). If the want of consumer is well-built enough then he does not choose penetrating data as well as rather get the service or goods near to hand.
The next level is an assessment of options in that the consumers select among the accessible different services, brands, or goods by applying the data collected in the second step. When the assessment procedure is completed, the consumer goes for buying the service or product. The last level of post-buy assessment shows the emotion of contentment or displeasure of the consumer with the buy. In terms of pleasure, the consumer submits to fix the exacting product as well as in case the purchaser is not pleased then the consumer can go for another option in his next buy (Kotler et al., 2014).
1.2 Explain the theories of buyer behavior in terms of individuals and markets
To find out customer performance, sellers apply several customer performance structures which are described as below:
Henry Assael Model
This form describes four several types of customer purchasing attitudes that are Dissonance Reducing Buying Behavior, Complex Buying Behaviour, habitual buying behavior, and diversity seeking purchasing behavior. Customers who signify complex purchasing behavior are extremely engaged in the buy of the service or product. If the diversity among the products is very elevated, the procedure turns more difficult. Dissonance Reducing Buying Behavior is showed when goods buy needs high participation however just a few differences exist among products. One of the main disadvantages of this kind of performance is that the purchaser will illustrate post-buy disagreement that is very complex to manage. An example of this performance is the buying of biscuits by a customer. The low participation among the products as well as few distinctions among the products guides to the habitual selling performance (Blackman, L. 2015).
Theory of Reasoned Action
In accordance with the hypothesis, specificity is significant in the making of decision procedures. A customer just gets a particular action when there is a similarly particular effect accepted. From the period the customer decides to perform to the period the act is done, the customer maintains the capability to alter his or her brain as well as choose a diverse course of action. Sealers can learn a number of lessons from the Theory of Reasoned Action. Firstly, when advertising a good to customers, sellers have to connect a buy with an optimistic outcome, and that outcome should be particular. Next, the hypothesis highlights the significance of moving customers throughout the sales channel (Ohio University, 2016).
Engel, Kollet, Blackwell (EKB) Model
The EKB Model enlarges on the Theory of Reasoned Action, as well as designs a five-stage procedure which customers apply while creating a buy. Below the EKB Model, sellers have two times where their effort is the most important. In the primary data level, sellers have to give customers sufficient data on the goods to drive the buyer to remain the organization’s goods below deliberation for buying. Advertising becomes an issue again in the stage of outer controls (Ohio University, 2016).
Howard & Sheth Model
Howard-Sheth model is dependent on the supposition that the customer reacts sensibly during buy, the procedure is repeatable as well as is the effect of encouragements that have their resource in the atmosphere. It includes four major teams of variables: input variables for example stimulus rising from the advertising actions and communal surroundings of the customer. Include three several kinds of stimuli that are: importance encouragements, representative motivations, and communal stimulus. The renowned two major raises: learning constructs and perceptual constructs. Output variables contain buy purpose, manner, product observation as well as concentration. They are clear possessions of interior procedures, such as the choice to execute the buy, confession of buyer interest or view, and the statement of other actions. The most significant output variable from the viewpoint of advertising is real buy, as it engages carrying out action depended on customer inclinations (Solomon, Russell and Previte, 2012)…………