Unit 37-LO2 Evaluate appropriate forms of research to understand influences on the decision-making process (B2C and B2B)-BTEC-HND-Level 4 & 5

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

Research influences decision-making in all sectors, but the research that is most relevant varies depending on the type of individual and type of company (B2C or B2B).

Consumer-based companies are interested in market perceptions, attitudes, and behaviors to inform product development.

Conversely, businesses-to-business firms are more likely to rely on stakeholders within their company such as employees who provide feedback on how a new product idea will actually be used by a business. Therefore, in order to understand the decision-making process for consumer-based companies, it is necessary to conduct research that focuses on the market. For business-to-business firms, however, more targeted research than simply obtaining information on the attitudes and behaviors of all stakeholders is required.

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

Researching different stages of the decision-making process:

The differences between B2C and B2B decision-making processes

A B2B decision-making process revolves around the direct exchange of goods for a good or service. It also accounts for long-term relationships, and it is much more flexible because businesses have to cater to different needs among their customers.

A B2C process can be more transactional; this doesn’t mean that B2C transactions are speedy, but in most cases, people who don’t have much of a need for recurring openness with a company will opt out of engaging in any sort of negotiation – they simply want what they want. One difficulty with this is that oftentimes the consumer just wants one thing, so there’s no point in continuing. However, if you produce something with longevity and are willing to negotiate smaller details, this can be a good source of income.

How does market research differ between B2B and B2C? This covers skills sets, research methodology, sample sizes, the importance of the-depth interviews, and applying the Pareto principle

Market research can differ between B2B and B2C due to many factors. There are more formalized methods of market research that are often performed for business-to-business campaigns, depending on the type of company and service you provide. These include surveys, ethnographic interviews, and statistical analyses of data gathered from online sources (e.g., Amazon bestseller lists).

For an interview with a consumer who is buying products as a personal purchase, there should be at least 8 questions asked verifying their income levels in addition to other identifying identifications such as age ranges. Companies target these customer profiles by providing free samples or discounts for new customers if the expected profit exceeds inventory costs after analysis.

Influences on the decision-making process:

Personality, self, and motivation

We need the right balance of our own personality, good self-awareness, and motivation in order to help us make informed decisions. Without these three things, the decision process is flawed. So either deficient levels of one of these factors will impede your ability to find a solution that satisfies you; if all three are faulty then you might have great difficulty being happy with any decision outcome. You’re going to want someone there who can get along well with you on all levels so that the odds of them agreeing with your perspective is high.

Measures of consumer learning: recognition and recall, attitudinal and behavioral

The recognition measures how often the product or brand is recalled from a list of items that may include many brands.

Attitudinal knowledge measures what respondents feel or think about the product when asked to rank their feelings toward it, usually on a scale of likeability to dislike.

Behavioral knowledge refers to how consumers use products specifically and takes into account factors such as degree of satisfaction, duration of usage, and frequency of purchase.

The measure with the most strength in identifying market leaders is consumer-generated word-of-mouth recommendations that lead to increased sales or public awareness — which are often used as unfair competitive tools by those with higher marketing budgets. There are many forms in which this information can be collected other than customer satisfaction data such as consumer interviews, focus groups, or surveys.

In an effort to increase customer loyalty and repeat business, companies have added consumer-generated data collection tools such as customer relationship management (CRM) and online review systems that allow customers to post their opinions of products and services on the vendor’s branded website.

Understanding aspects of consumer perception: dynamics, imagery, and risk

The brain is dynamic in that it shapes itself based on the environments it experiences. An individual’s brain changes in response to circumstance just like dynamic memories.

For example, those who love nostalgia see the past with rose-colored glasses while people who are adventurous believe life is full of spontaneous beauty and challenges. Understanding how these types of people interact with advertising helps us create messages that will resonate more effectively with different consumers. Imagery can be used to invoke feelings or emotions from a time and place so when we want someone to feel the pain and suffering they went through when they watched their homes destroyed during a natural disaster for example images invoking fear are helpful for achieving this objective.

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