Unit 37: Consumer Behaviour and Insight assignment sample_BTEC-HND-level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Consumer behavior is the way in which a person behaves when they are interested in something. Insights are the knowledge or understanding of things and their effects on people. Consumer behavior and insights can be used to create change by helping people to find what they’re looking for and achieve their goals.

Consumer behavior demonstrates two different strategies: task-oriented and product-oriented. It should focus on the idea that in analyzing a product, they may make decisions based on task-oriented procedures or they may focus on work-related product attributes. The role of cognitive abilities as a means by which they can deploy/manipulate these decision strategies will be addressed as well as why it is good to think of your pattern recognition capacities in respect to making business decisions.

This unit is designed to help students understand the decision-making processes of a company with a focus on consumer goods. It will be about the basic psychological control theories and their relationship to product selection and prospect theory.

Assignment solution on Unit 37: Consumer Behavior and Insight in the UK

Consumer behavior is a complicated subject that can be difficult to understand for anyone outside of the industry. In this article, we will explore some of the most common consumer behaviors and how they impact marketing strategies and product development.

We will also take a look at what insights marketers should keep in mind when developing their strategy to stay ahead of trends.

Learning Outcomes

By the end of this unit, a student will be able to:

Demonstrate the ability to map a path to purchase in a given category, including the decision-making process

It is beneficial to know why consumers make the choices they do. It is important to know how people approach a situation, and that cognitive psychology might explain why individuals make decisions. In regard to product selection there are terms in place like reference price, demand curve and grouping patterns that have nothing to do with consumers’ attitudes but are derived more from product characteristics and psychological studies.

A decision-making process map is a visual representation of all the steps in that process.

For example, I might need to follow my path to purchase some coffee beans.

• First, I need to determine if they’re available at a store near me.
• Second, I would shop there and pick up what I need if they were for sale there–or order them online if they are not in-store items.
• Thirdly, after paying with my preferred form of payment (and identifying myself where necessary), the products go into my bag or cart and then into the car so they can be taken home where they will be prepared and consumed as desired.

Evaluate appropriate forms of research to understand influences on the decision-making process (B2C and B2B)

The decision-making is more focused on the individual as business-to-consumer transactions are often characterized by a one-way flow of information. Contributory influence from other parties is less likely to occur in these scenarios but remains an influential factor for buyer behavior in business-to-business negotiations.

The first case addresses the decisions consumers make while purchasing goods or services of their own personal volition (B2C). These types of decisions entail, among other things, self-extracted knowledge about all available options and tradeoffs that go into making appropriate selections. However, it is necessary for this type of motivation to succeed there needs be no intention from society at large or external sources placing pressure on the purchaser’s choice-making process.

Evaluate how marketers influence the different stages of the decision-making process (B2C and B2B)

Marketers influence the different stages of the decision-making process with marketing, persuasive techniques, and sales.

Marketers use marketing and persuasive techniques to attract new customers. Sales are used to convert those targets into loyal customers. Marketing is a more broad term that encompasses communication about a company or its brands in all relevant media channels whereas persuasive techniques fall under discreet categories.

Techniques such as value pairing, threat appeals, and reciprocity have been shown to be very effective in influencing customer behavior towards a company’s brand or product for example. While some techniques (such as offering price discounts) can significantly impact customer decisions at any given stage of the process (i.e., first impressions), there is usually a “salesperson effect” that wears off after any purchase. It is very common for customers to be persuaded by a salesperson in the store or at the point of sale and then purchase rival products or services later on; this effect is known as brand switching, which occurs when customers switch back from an original product towards its competitor.

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