HI5004 Consumer Behavior and Its Effect on Business Performance Assignment Sample

• Subject Code : HI5004
• University : Holmes Institute My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : marketing management business economics organisation behaviour

Marketing Management - Question 1

The 4 core business processes are:

1. Market sensing process: is a kind of exploration method which involves gathering qualitative information via series of meetings, focus assemblies and deep surveys intended to aid organization groups to comprehend the exterior market in much more operative, well-organized and affecting smartness. It could produce splendid consequences as its key goal is to recognize why customers select a particular product and what are their emotions concerning it. For example, two car companies with similar value, making equally appealing products which had created a brand image of durability, reliability and performance.

2. Fresh offer realization process: each and every activity engaged in exploring, creating, and introducing latest high-grade offerings swiftly and inside budget. For example, apple mobiles launch every year a new iPhone. The current iPhone comes with the different buying methods and exchange offers to attract customers also the previous year iPhones are offered in reduced cost.

3. Customer acquisition process: each and every activity included in describing target markets and seeking for fresh consumers. The customer acquisition process is the method by which an organization attracts customers which are not aware of its existence. The organization puts a lot of budget in it, to penetrate the market and portray themselves as more valuable brand. For example, Tesla doesn’t have budget in marketing through conventional means, instead they provide features of the best products with necessary value that a customers require which in turn develop their brand.

4. Customer relationship management process: each and every activity included in constructing profound acknowledgement, relations, and offers to distinct buyers. This is a relationship building between the customer and the organization for better customer procurement. For example, Toyota motors maintain its customer relationship by managing their services aiding their existing customer with reasonably priced parts and ease of service between them.

Marketing Management - Question 2

Qualitative research is described as a market research technique which emphases on attaining information via open ended and informal communication. Qualitative research approaches are aimed in a way that they assist to reveal the pattern and insight of the targeted audience with reference to a specific theme. There are diverse kinds of qualitative research approaches such as detailed interviews, focus assemblies, ethnic study, content study, event research which are typically implemented. The consequences of qualitative approaches are much more evocative and the implications could be implemented quite simply from the information which is gained. Qualitative research approaches founded in the public and behavior science. Currently, at global level it is more complex and it is hard to know what consumer reflect and observe. Qualitative research approaches sort it easily to recognize that, it is more unrestrained and evocative.

The marketers use qualitative research by conducting:

1. Personal interviews: the marketers conduct interviews with various people to understand their behavioral understanding and inclination to buy a certain product and manipulate their buying decisions.

2. Focus groups: focus groups are cluster of consumers expressing their thoughts about a product and service. The marketers realize these conversations and prepare strategic methods to apply in the product marketing.

3. Observation in stores: different customer prefers different product and so is their buying behavior and pattern. By recognizing their behavior to get profound understandings at the time of shopping and to get response on packaging designs.

The drawbacks of the qualitative research are sometimes they are not perceived as significant method; they are considered to be less reliable as the traditional marketing approach seems to have better accuracy of data collection. Qualitative research cannot be generalized to a larger audience. The research methods are limited to few consumers and there is no way that this could be applied in broader market.

Marketing Management - Question 3

Consumers can customize the things easily. Looking at the trend in 2013, it is clear that, in 2020, customers should be extremely competitive with regard to product quality and service level. Internet infrastructure enables the improvement in consumer behavior. On top of that it would become very challenging to hit a target audience by 2020.Consumers will be pickier than ever. Marketing exists to help organizations understand, reach, and give their clients value.

That is why the customer is regarded as the core component of marketing. The customer analyses the products and its available options in the market and deeply compare it to get the best value item. The customers act as part time marketers. Customer as a part time marketer is representing the people part of the marketing mix in adding value to the final service. The marketing sense of customer focus is the idea to surpass customers’ expectations. They expect immediate reply for their service call within an hour, to act upon it and resolve the issues. The brands are creating a pool of their loyal customers those who market their product by highlighting its key features and the positive impacts that it brought in the life. The word of mouth popularity is important for any brand as it gives a positive perspective to any new consumer like the family members to consider it. The competition in market is high and each and every company is adding valuable features in their products and services to stand out from the others. The consumer decides which feature they want most and head towards it. By their reaction on the products it influences others to go with it or opt for another product or service.

Marketing Management - Question 4

The identity family is made up of both parents and siblings. An individual develops from parents an attitude towards culture, politics and economy and a sense of personal success, self-worth and love. Even if the buyer does not interact much with his or her parents any more, their behavioral influence may be significant. The procreation family i.e., one's partner and children and is a more obvious effect on daily purchasing behavior. The effect of families on purchasing habits involves how parents play a significant role, and ultimately how a partner and children play an even stronger role. People go through a family life cycle involving different phases of purchasing habits. Consumers have different roles in the purchase of goods and services .In doing this; a role is characterized as an individual's normal behavior within a society. Among other aspects, these roles may be part of the identity, job or social status of the customer.

For example, father’s role can be different from mom's role in buying consumer goods. It is important to establish and use reference groups in marketing as reference groups affect the behaviors, goals, priorities, perceptions and knowledge that decide consumer preferences and expectations about your company and goods or services. Families have a huge impact on consumer buying. The family of a customer is one of the most significant influences, as a family helps define the attitudes and activities of a person. Parents have huge impact on how parents help their children grow political and religious beliefs, lifestyle decisions and consumer tastes. This family dynamic form the way consumers look more directly at purchases than most other social factors that buy from retailers.

Marketing Management - Question 5

1. Tesla is a new company in automotive industry. Many large automotive companies of the world spent billions on their promotional marketing in order to find out the effective engagement with the audience. Most of these companies organize some events and activities so that the consumer can get a closer look to their product and what services are available with it. On the other hand, Tesla uses very traditional approach of marketing with limited budget. In the recent years the large automotive industry spends millions of budget in social media platforms for their promotions like, Facebook page, Instagram, YouTube and twitter. These platforms help the brand to keep engagement with the audience. Tesla, creates interesting story with the media and in return the media reward them with promotions. Also, the brand uses cutting edge and next generation technology to appeal consumers which in fact accumulates lot of engagement.

2. Tesla, recognizing the need to expand its target to reach a greater customer base, is focused on people in their 20's to young 40's in 3groups: eco-friendly, technology savvy, and entry level luxury product consumers. Tesla is competing for market share from various segments of the automobile industry. Also, the company is making progress in their product lineups to provide much better product and service experience from the brand.

3. The company despite being less n production numbers and reach at global level still manages to hold their customers and appeal new consumers to see value in their product. The future of Tesla is quite bright as it is the leading automobile company when it comes to clean and efficient energy. Tesla is showing people the future of automotive industry with cutting edge technologies and green energy. The company is making great progress with their product lineups and people are inclining more to consider their product.

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