New England College of Business & Finance Wk 6 Buyer Decision Making Discussion

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znyq

Computer Science

New England College of Business and Finance

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Also, provide a graduate-level response to each of the following questions:

  1. Discuss how core factors,      cues to quality, and interpersonal factors of a product influence your      buying decisions. Discuss with supporting examples.
  2. Imagine designing a conjoint      for your b-school’s café. In particular, you’re in charge of the daily      pizza orders. Pizzas are tricky—while they’re a simple food, they can be      created in a zillion combinations. What factors should you test in terms      of your fellow students’ likely preferences? Wheat crust vs. white, thick      vs. thin, plain cheese vs. sausage vs. sausage and green pepper vs.      vegetarian (you get the picture). Design a conjoint that would result in      identifying 2 or 3 popular slices that your café managers could order      every morning. The student body knows you’re responsible—how do you make      most of them happy? 

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 15 Marketing Research Tools © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 2 Marketing Framework © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 3 Discussion Questions #1 • How can you find the answers to the following questions? 1. How will your targeted customer respond to a price of $7.99 compared to $9.99? 2. Should you add a new feature that costs $4.00? 3. Which is a more effective slogan: “We love to see you smile” or “Have it your way”? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 4 Marketing Research • Marketing decisions should be fact-based • Smart marketers are continually gathering market information • Marketers also conduct specific research projects © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 5 Marketing Research Techniques © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 6 Marketing Research Process © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 7 Kinds of Data © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 8 Popular Research Techniques 1. 2. 3. 4. 5. 6. Cluster analysis Perceptual mapping Focus groups Conjoint analysis Scanner data Surveys © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 9 Cluster Analysis • Clustering • Form groups within groups of customers, who are seeking something similar and different across groups • Each group has different attributes • Often used for segmentation © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 10 Cluster Analysis Example (slide 1 of 4) • Segmentation of NPO supporters • Desired result: Determine if segment exists that may donate to an NPO that funds higher education • Start with a survey © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 11 Cluster Analysis Example (slide 2 of 4) • Survey used to interview customers © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 12 Cluster Analysis Example (slide 3 of 4) • NPO dataset © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 13 Cluster Analysis Example (slide 4 of 4) • Next, conduct cluster analysis • C1 cares about environment, but not much • C4 cares about medical causes; thinks higher ed is expensive and would support students • C2 cares about the arts; thinks higher ed helps society © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 14 Cluster Analysis Questions • Which segment is most attractive for the NPO to target? Why? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 15 Perceptual Mapping • Positioning studies are used to understand customer perceptions of brands in the marketplace • Perceptual maps assist in positioning • They give pictures of competing brands and attributes • Two approaches • Attribute-based approach • Multidimensional scaling (MDS) © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 16 Perceptual Mapping: Attribute-Based (slide 1 of 2) • In attribute-based perceptual mapping • Customers complete a survey © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 17 Perceptual Mapping: Attribute-Based (slide 2 of 2) • Responses on each question are averaged • Result is a pair of means for each attribute • e.g., BeFit Gym is perceived as a good value • The pairs of means are used to plot the attributes in a two-dimensional space © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 18 Perceptual Mapping Questions #1 1. Which attribute is most important? 2. How does BeFit Gym score on this attribute relative to competitors? 3. Which attribute should BeFit Gym consider improving? Why? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 19 Perceptual Mapping: MDS • Multidimensional scaling starts by asking, “How similar are these two brands?” • Asks for each pair of brands • Then, each brand is rated on attributes © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 20 Perceptual Mapping Questions #2 1. Which brands are viewed as most similar? 2. Which brand is the most different? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 21 Perceptual Mapping: MDS (slide 1 of 3) • Results are then plotted • Similar brands are closer together; different brands are further apart © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 22 Perceptual Mapping: MDS (slide 2 of 3) • Next, overlay the perceptual map with the attribute ratings © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 23 Perceptual Mapping: MDS (slide 3 of 3) Feature fun classes in ads Feature staff in ads Show fun amenities • MDS can be used to determine how to reposition the brand © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 24 Focus Groups (slide 1 of 2) • Focus groups • Used for concept testing & ad development • Exploratory technique using 2–4 groups of 8–10 customers • Not good for prediction; best to follow up with a survey • Usually last 1.5–2 hours © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 25 Focus Groups (slide 2 of 2) • Focus group moderator • • • • • Starts with introductions and easy questions Proceeds to key client questions Keeps the discussion going Brings out quieter members Controls overbearing members • Moderator usually analyzes results along with company input © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 26 Discussion Question #2 • Describe at least two research techniques to answer the following objective: How will customers respond to our new packaging? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 27 Conjoint Analysis (slide 1 of 2) • Conjoint studies • Used to understand how consumers make trade-offs • Helps uncover customers’ most important product attributes • Good for pricing, new products, branding, etc. • e.g., Would frequent fliers in a loyalty program want access to an elite club at large airports? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 28 Conjoint Analysis (slide 2 of 2) • Participants rate each option from least to most preferred • What feature do customers want? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 29 Conjoint Analysis Questions #1 • Fliers’ judgments are in the last column 1. Describe how the customers’ preferred option differs from the 2nd most preferred. 2. What does this difference mean to marketers? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 30 Conjoint Analysis Questions #2 • Regression is run on data with flier ratings as the dependent variable • Predicted rating = 5 + 1 Club + 2 Upgrade – 4 Fee 1. How would you interpret this? 2. How would you design your program based on these results? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 31 Scanner Data (slide 1 of 4) • Companies use scanners to track purchase information and store it in a database • Tracked information includes: • What you bought • How much you bought • What brands you bought • How much you paid for everything • Loyalty cards then link this information to each customer © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 32 Scanner Data (slide 2 of 4) • Store and area auditors integrate additional information into database • e.g., Prices of competing brands, sales/featured items, advertised brands • Companies can add data from customer panel who provide household information and agree to have their media tracked • These data, with the other tracked data, determine purchase patterns © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 33 Scanner Data (slide 3 of 4) • Scanner data can be used to forecast demand and determine responses to marketing changes • Experiments with scanner data • Increase price by X—what happens to sales? • Manipulate independent variable (price); hold all else constant; measure impact on dependent variable (sales) – Compare sales results to control group • High internal validity © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 34 Scanner Data (slide 4 of 4) • Naturalistic observation with scanner data • Instead of manipulating environment, just constantly monitor • Things happen that are beyond your control – e.g., Competitors raise price • High external validity • More difficult to attribute sales differences to one localized action • Smart companies do experiments and naturalistic observation © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 35 Surveys (slide 1 of 2) • Surveys • Often used to measure customer satisfaction, repurchase intentions, etc. • To administer 1. Write survey questions 2. Pretest them 3. Administer to a sample of customers 4. Analyze results © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 36 Surveys (slide 2 of 2) • Survey considerations • Surveys can be administered in person, over • • • • phone, on the Web, etc. Surveys should be short to enhance response rate Responses should be confidential Responses should not be used for subsequent sales opportunities Respondents can be consumers or B2B © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 37 Surveys—Factor Analysis • Factor analysis is utilized to simplify variables • Factor analysis examines strong and weak correlations to identify underlying factors common to the responses • High correlations imply that you may be measuring the same concept © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 38 Discussion Question #3 • Which items hang together? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 39 Discussion Questions #4 1. What would you label Factor 1? 2. What would you label Factor 2? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 40 Discussion Questions #5 • You developed an idea for a new shoe: Having a single shoe sole in which you can clip on different shoe tops to create different shoes (the Onesole). • Describe appropriate research techniques to answer each of the following questions. 1. Is this concept viable? 2. Which will generate more sales: one pair of soles and one shoe top for $30, or one pair of shoe soles and 3 shoe tops for $50? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 41 Managerial Recap (slide 1 of 2) • Cluster analysis identifies similar customer groups—ideal for segmentation • Surveys and MDS are used to create perceptual maps—ideal for positioning • Focus groups are exploratory—ideal for product concept and ad testing © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 42 Managerial Recap (slide 2 of 2) • Conjoint methods indicate trade-offs— ideal for product design • Scanner data—ideal for investigating brand switching, loyalty, price sensitivity, and marketing experiments • Surveys—ideal for satisfaction • Can be simplified through factor analysis © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 43 © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14 Customer Satisfaction and Customer Relationships © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 2 Marketing Framework © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 3 Discussion Questions #1 1. Does customer satisfaction matter? Why or why not? 2. How do you determine whether you are satisfied? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 4 Customer Evaluations (slide 1 of 3) • Customer evaluations include • Customer satisfaction • Perceptions of quality • Customers’ intentions to repurchase • Customers’ likelihood of word-of-mouth, etc. • Marketers track these evaluations because they impact the bottom line © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 5 Customer Evaluations (slide 2 of 3) • Customer Evaluations = Experience − Expectations © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 6 Evaluation Outcomes • If customers’ experiences • Surpass their expectations→ delighted • Meet their expectations→ satisfied • Fall short of their expectations→ dissatisfied • Low-involvement purchases • Evaluation is instantaneous • Expectations are usually latent • Higher-involvement purchases • Evaluation is deliberative and conscious © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 7 Customer Evaluations (slide 3 of 3) • Search goods • Evaluate obvious qualities; straightforward • Experiential purchases • Evaluate after trial/consumption • Expectations might not be fully formed; the experience shapes evaluation & expectations • Credence purchases • Don’t have expertise to evaluate • Evaluate what one can (price, looks, etc.) © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 8 Sources of Expectations • Personal experience • Consumers trust their own experience • Experience can be direct or indirect • Friends and experts • Trust those with no commercial gain • Marketing mix elements • Ads, price, retail atmosphere, etc. • Third-party communications • e.g., Consumer Reports, books, and Internet © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 9 Expectation and Experience • The core (hygiene factors) and peripheral components (motivating factors) of a product both contribute to satisfaction • If the core is good, it doesn’t enhance satisfaction much because it is expected to be good • If the core is bad, it can affect dissatisfaction • Peripheral services can affect both © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 10 Expectation & Experience: Flowcharts • Marketers create flowcharts that map all of the interactions between the customer and company • From the eyes of the customer • Flowcharts are used to • Generate quality measures at each stage • Identify points of repeated problems • Suggest system redesigns to improve efficiency © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 11 Types of Expectations • • • • Ideal levels of quality Predicted levels of quality Adequate levels of quality Zone of tolerance exists between the adequate and predicted levels of quality © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 12 Customer Value • Value • The trade-off of the quality of the purchase received compared to the price paid and other costs incurred • Marketers try to increase perceptions of value © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 13 Expectations • Expectations are dynamic • What pleased a customer last time may no longer suffice • Expectations vary cross-culturally • In individualist cultures, satisfaction is heavily influenced by quality of reliability and service provider responsiveness • In collectivistic cultures, satisfaction is heavily influenced by the relational aspects of frontline employees © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 14 Measurement • Measuring quality with precision is difficult • Customer perceptions can be measured with surveys • Compare results to previous or competitive benchmarks • Surveys that measure multiple facets of customers’ thoughts are more actionable © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 15 Customer Dissatisfaction • The primary means to regain a dissatisfied customer is through empowered frontline employees • Immediately redress the problem • Empathize with customer • Offer a perk for customer’s troubles © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 16 Customer Relationship Marketing (slide 1 of 2) • Customer satisfaction is first step in long-term relationship • Loyalty programs • Price discounts may keep customers from defecting while inducing additional purchasing • Some companies may assume loyal customers are price insensitive and charge them more © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 17 Customer Relationship Marketing (slide 2 of 2) • CRM programs track customer information including RFM information • Recency, frequency, and monetary values of customers’ purchase history • These factors are used to “score” customers to identify the most desirable customers © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 18 Discussion Question #2 • Describe the most desirable customers according to the figure. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 19 Customer Database Information • • • • • • • Contact information Demographics Lifestyle and psychographic data Internet info Transaction data (RFM, etc.) Rate of response to marketing offers Complaints © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 20 CRM • CRM programs • Take planning and money • Require ongoing customer monitoring • Companies struggle to design an information system with desired qualities • Integrate inputs from all relevant customer touch points • Access information in useful formats for managerial usage © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 21 Customer Lifetime Value (slide 1 of 2) • Companies utilize customer lifetime value (CLV) to assess customers in terms of their worth to the company • Some customers are costly to acquire, others more costly to retain © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 22 Customer Lifetime Value (slide 2 of 2) © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 23 Customer Lifetime Value Example © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 24 Managerial Recap (slide 1 of 2) • Quality and customer satisfaction can be precisely measured for goods, but not as easily for services • Surveys can be used to ask customers for their evaluations of any purchase • Marketers care about loyalty and customer relationship management © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 25 Managerial Recap (slide 2 of 2) • Customer lifetime value is a means of translating marketing efforts into financial results • CLV allows firms to match customer benefits to revenues to ensure that each customer relationship remains profitable © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 14. 26 DISCUSSION 1 – DE In this week’s reading, I would like to focus on customer satisfaction. Customer satisfaction is one of the critical components that organization would require a building and value our products the customers really like (Solomon, 2018). No product will be successful without having highest customer satisfaction. It is also important for the organization to make sure the products have quality as well as sustainability for their customers to be satisfied this way they can increase the customer satisfaction which in turn increases the business of the organization. Answer 1: When buying a product customers will go through different processes, most of them were inquiring about the product, researching about the product online, asking their fellow friends, checking the competition, comparing the price without the products etc. based upon These items the decisions will be made by the customers. It is really important that as an organization if I want my product to get successful, I need to consider all the aspects that customer things before he make decision to buy the product. Say instance if a customer wants to buy mobile, then he’ll definitely look out for the memory, the camera pixel, the warranty, quality, price etc. in such a situation rather than working on these minute details the customers will be really interested in seeing the brands and going with the brand value which helps him in taking the decision (Solomon, 2018).. All evaluation process will take into consideration the different aspects of the customer such as interest, budget, cost etc. the most important thing is this product should match their interest no matter what the other aspects up so the customer should really have a clear and solid decision regarding the products (Solomon, 2018). Answer 2: It’s a very complicated to have multiple menus to order for the customers in a small café. It is very good to have all the items that the customer wants to make sure they get extraordinary service, but from the feasibility point of you it would be not really ideal to have multiple menus in a small café (Survicate,2021). The reason behind this is the small organizations will not how much capital to invest and also put too many options. In the menu it would really make them more accountable that they have to make sure all the raw materials and the preparation for all the menu options are readily available for the customers to order at any time. Say for intense on one if the café doesn’t have any customers, then all the material that was appropriate would be a waste if they have multiple menu options (Survicate,2021).. I would recommend analyzing and research the most popular pizza combination that students would be really interested in picking up. This way I have to do my market research as well as consider the customer satisfaction to get best product that the cafe must have. References: Survicate., H.(2021, January 21). Customer Satisfaction: Why It's Still Important in 2021. Survicate. https://survicate.com/customer-satisfaction/importance-customersatisfaction/. Solomon, M. (2018, June 10). The Four Secrets Of Achieving Customer Satisfaction. Forbes. https://www.forbes.com/sites/micahsolomon/2018/06/10/the-four-elementsof- customer-satisfaction-how-to-achieve-it-over-and-over-again/?sh=339bec1928c2 DISCUSSION 2 – NI Building Customer satisfaction and relationships is very important especially while intending to achieve long term goals. The goods and numerous distinct products can be assessed for quality and customer satisfaction, but the assessment is not feasible for services. Different methods and analyzing processes can be used to determine the satisfactory criteria of the customer’s choice of purchase (Dawn Iacobucci, 2015). The target market (or) any market looks forward to building the trust and manage the customer relationship to achieve the set goals by an organization. The satisfaction of the consumers and successful association of long-term relationships are resulted towards the financial earnings of the company. Customer lifetime value ensure that the relationship remains profitable. Marketing tools include the segmentation process, and the cluster analysis aids in identifying the similar customer groups. For positioning, surveys can be used to create the perceptual maps. Product concept and ad testing include the focus groups. Various conjoint methods can be used for creating the product design (Dawn Iacobucci, 2015). It is very important to scan the data and conduct surveys to achieve loyalty, satisfaction which can be simplified through the factor analysis. i. The factors influencing the buying decisions, altogether play a vital role. Recognizing the need, searching the required information, evaluating the alternative methods, the purchasing decisions and post-purchase evaluation are the five main stages of the buying decision process. They help and are used by the consumers with regards to the transactions, focusing before, during, and after the purchase of a product (or) an offered service. A decision-making process involves numerous factors and considerations in relation to the specific good. The buying process is affected by various factors before bought (or) purchased by the customer. In the searching stage come the core factors, cues to quality, and interpersonal components of a product. Along with the information, recommendations and previous experiences surveys are also taken into consideration. The customer attempts to gain knowledge on the attributes of the good and sync if it satisfies the current requirement. By taking an example of requiring buying a smart television- Here the need is the smart television; Searching for various models, taking suggestions from friends, colleagues are the gathering of the required information; With the information gathered- one can shortlist their choices in accordance with the product’s attributes such as moving detection, sound quality, distinct sensor features, picture quality, voice control and budget along with after purchase servicing options. While analyzing the requirements, core factors and quality check comes into action and affect the decision-making process. Interpersonal factors can mainly be observed through the suggestions made by other individuals considering quality factors which in return influences the buyer’s decision-making process. A minute factor to a major factor plays a major role in the whole decision-making factors. ii. There are many considerations that are important to suffice the requirement. It can be a challenging process involving different combinations of food and estimating / analyzing of the demands. There could be a possible chance (or) risk of insufficiency of the supply to that in demand. Eventually, this could lead to a probable loss in production and economy (investment). In my opinion, customer satisfaction is the end goal of any project economically in the best possible way and it is important to provide in accordance with the consumer’s demand. In situations of shortage of the raw material, the food cannot be sold for less and forced to increase the costs. A conjoint analysis of various combinations of pizza along with numerous well-to-go toppings can be used to evaluate the product mix, that will be served to the customers. Through this process, one can determine the most popular pizza combination along with the most suitable toppings that enhances the taste of the original slice. A survey can be conducted by asking the customer to rate out of 10, considering various factors and giving the highest to the most preferred combination to the least chosen and I will proceed further concentrating on the top 10 desired combinations by the students. Personally, I feel that this is the most effective satisfying process to maximum number of the consumers. Reference Dawn Iacobucci. (2015). Marketing Management. Canada: Cengage Learning.
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Running head: BUYER DECISION MAKING

BUYER DECISION MAKING
Student’s name:
Institution affiliation:
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BUYER DECISION MAKING
Buyer Decision Making
Question One
Purchasing decision refers to a customer's decision-making process before engaging
in any purchase. The decision is not only made during the purchase but also before purchase
and after purchase of the product or service. (Willman-Iivarinen, 2017). Before purchasing a
product, a consumer compares different products within the market, ascertaining the price of
each, mainly looking for the cheapest or that which is cheap but of higher quality. For
example, when purchasing a phone, one has to conduct market research analyzing the types
of phones sold by different brands and the one that has the lowest price yet has a higher
quality phone. Apart from comparing the price of the product and service, interpersonal
factors greatly affect a purchase decision. For instance, if a relative or close friend refers a
person to purchase a certain product or service, they are likely to purchase the product
without hesitation or even comparing the product with other supplementary or
complementary products. Lastly, after purchasing a product or service, a consumer weighs if
the product or service is helpful or has solved his/her need; if not, he/she will refrain from
purchasing the product or seek other alternatives (Willman-Iivarinen, 2017). For instance,
when parents notice that their children are n...


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