- Unit 51: Executive Recruitment Solutions Assignment Sample-BTEC-HND-Level 4 & 5
- Unit 51-LO1 Explain the nature and scope of the recruitment industry-BTEC-HND-Level 4 & 5
- Unit 51-LO4 Apply skills for an executive search within a given business context to meet a client brief-BTEC-HND-Level 4 & 5
- Unit 51-LO3 Present the process of executive recruitment and the required skills at each stage of the process-BTEC-HND-Level 4 & 5
- Unit 50: Consumer and Intellectual Property Law Assignment Sample
- Unit 50-LO2 Examine the legal rules on consumer credit agreements-BTEC-HND-Level 4 & 5
- Unit 50-LO3 Evaluate the key provisions relating to intellectual property rights-BTEC-HND-Level 4 & 5
- Unit 50-LO4 Recommend appropriate legal solutions based upon relevant legislation, case law, and regulations-BTEC-HND-Level 4 & 5
- Unit 50-LO1 Analyse the main principles affecting the legal relationship between business organizations and their consumers-BTEC-HND-Level 4 & 5
- Unit 49: Company Law and Corporate Governance Assignment Sample-BTEC-HND-Level 4 & 5
- Unit 49-LO2 Assess the importance of meetings and resolutions incorporate management-BTEC-HND-Level 4 & 5
- Unit 49-LO3 Analyse the process of raising and maintaining capital for a company-BTEC-HND-Level 4 & 5
- Unit 49-LO4 Evaluate the role and impact of corporate governance in the management of companies-BTEC-HND-Level 4 & 5
- Unit 49-LO1 Evaluate the nature and legal status of companies-BTEC-HND-Level 4 & 5
- Unit 48: Law of Contract and Tort Assignment Sample-BTEC-HND-Level 4 & 5
- Unit 48-LO2 Discuss how the contents and the terms of the contract are established-BTEC-HND-Level 4 & 5
- Unit 48-LO3 Illustrate the impact of contractual breakdown and suggest remedies available for breach-BTEC-HND-Level 4 & 5
- Unit 48-LO4 Evaluate the elements of the tort of negligence and remedies available-BTEC-HND-Level 4 & 5
- Unit 48-LO1 Examine the essential elements of a valid contract-BTEC-HND-Level 4 & 5
- Unit 47: Business Intelligence Assignment Sample-BTEC-HND-Level 4 & 5
Unit 37-LO3 Evaluate how marketers influence the different stages of the decision-making process (B2C and B2B)-BTEC-HND-Level 4 & 5
Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business
B2C is the marketing strategy for business-to-consumer companies. B2B is the marketing strategy used by businesses to sell products and services to other businesses.
Marketers influence customers in four ways at each stage of decision-making: awareness, preference, purchase intention, and purchase.
As marketers change how they interact with different audiences on social media channels like Facebook or Twitter, for example, this influences the customer’s experience which then changes your opinion of their product or company.
As for which strategies are more effective than others…it all depends on who you ask! Some marketers will say focus groups produce the most actionable information whereas other experts might report that quantifiable data collected through surveys is more useful to have.
Approaches to consumer learning:
Behavioral and cognitive: Influence of culture and sub-culture on consumer behavior
Behavioral and cognitive psychologists are interested in the ways our environment affects our behaviors.
Culture does have an impact on consumer behavior, but not as much as many marketers would like to believe. Consumer behavior is mainly confined to personal values, consumption levels and habits, and lifestyle factors. For the most part, national culture only has a small effect on consumer behavior.
One study found that self-reported income was more closely related to individualism than in countries like Mexico or China where collectivism of social orientation has a stronger influence. Values are also linked those with grandiose narcissism showed stronger shopping intention in North American cultures than societies where individual concerns are secondary.
Patterns of buyer behavior
The purchasing behavior of customers depends to a large extent on the needs, preferences, and tastes of consumers who ultimately purchase products/services for them. Many models will affect customers’ buying behavior:
Place or the Location of Purchase: Many customers like to buy their favorite products by visiting various stores in different locations to compare prices and offers. Therefore, customers will not maintain their loyalty to a single store for a long period of time. Retail stores should attach great importance to the location of the store, determine nearby distributors, and the nature of the goods, and the availability of inventory.
Type and quantity of products to be purchased: This essentially means analyzing the type and quantity of products that customers want to purchase. This will depend on factors such as:
- Customer’s purchasing power
- Product perishability or durability
- Availability of product selection
- Customer’s requirements for products
- Whether the product is sufficient or short of product
- Product storage
Role of opinion leaders in influencing purchasing decisions
Opinion leaders play a crucial role in shaping the opinions of people who are influenced by them. They are able to produce a range of effects on attitudes and behaviors, including thought leadership, influence, persuasion, and sometimes self-marketing.
It is traditionally reasonably straightforward for opinion leaders to be instated due partly to the ability of these opinion leaders such as celebrities or expert scientists to transfer status from their position.
One major disadvantage with this type of leader is they are subject to emulation and can lose their persuasive power if the context shifts slightly. Furthermore, there is often wide disagreement in society regarding decision-makers; we have seen examples where an individual’s judgments can be counter-cultural values which create difficulty for them making decisions that would otherwise be uncontroversial.
How organizations use an understanding of buyer behavior to influence the decision-making process within both a B2C and B2B context
Your understanding of what your customer wants can dictate how you design your product. This is why understanding the buyer’s journey is an essential part of coming up with a new product or service, and one that many companies neglect entirely.
Understanding the buyer’s journey can guide both organizations in a B2C or B2B context to create highly tailored offerings for buyers with specific needs because they understand what stage people are in and offer products that will appeal to them at this point along their journey.
This could be anything from insights on who these customers are, what they do during browse sessions (which typically happen when people aren’t necessarily ready to buy), whether they read reviews before making a purchase decision (typically after people have narrowed down their choices and are more ready to buy) or even what they do before leaving the site, which is vital because people might be looking at your product as a solution but not necessarily planning on purchasing it.
By understanding all of this information about your target audience you can tailor products accordingly and determine where you should be focusing marketing and sales efforts.
The use of digital audience research developments to understand and influence consumer behavior
Digital audience research developments are one of the most sought-after market trends for this year. This is because they help organizations with understanding and influencing the behavior of consumers on social media, as well as figure out customer service issues and other strategic initiatives related to online behavior.
We have seen a huge increase in the importance and usage of digital audience research developments this year because it’s being utilized by all types of companies to understand consumer behavior on social media sites, customer service inquiries that happen through websites or apps, etc. The information obtained from these platforms will do very little good sitting hidden behind closed doors; it needs to be acted upon strategically so that the company maintains a strong standing among its customers.
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