Marketing Assignment Sample on Consumer decision making

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Marketing Assignment Question

1. Please select at least one product/service (or a number of products/services or a combination of both) and discuss the influence of different 'Internal Factors' on a consumer's decision-making process for that product or service.
2. You are expected to discuss product/service selection in relevance to consumer needs and motivation; personality and self-concept; consumer perception; consumer learning and involvement; and consumer attitude development and change.
3. The discussion needs to be closely linked to the chosen product/service’s marketing mix elements; marketing strategy (segmentation, targeting and positioning) and consumer decision-making process.
4. Obviously, some theories and concepts in Chapters 1-7 will be more relevant to this assignment.
5. You must choose which ones are more relevant and explain why they are more relevant.
6. You must apply the concepts and theories you have learned from your reading of the text to the selected product/service and consumer decision-making process and not just list or describe them.

Marketing Assignment Solution on Consumer Decision-making

Executive Summary

There exist many environmental and contextual factors which have an effect on a buyer's behaviour and his/her decision making. Marketers are very much concerned about these factors. The present assignment focuses upon some of the internal factors having implications upon consumer decision-making process. A careful analysis of these factors for marketers is needed to study the buying decision processes. Here in this assignment theoretical aspects of these factors have been analysed and explained by taking an example of purchasing LED TV…

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Introduction

At many times, I feel from my personal experience that, there is a total difference between the intention to purchase and the product we purchase finally. For example- suppose I am willing to purchase a refrigerator and I intend to purchase an XYZ company refrigerator. For this, I usually went to the market and visit the outlets to know about the features of the refrigerator or say interacts with the market. Most times we purchase a different quality or price range product as compared to the one we intended for. There can be various reasons for which we change our choice. It can be the price range, features of the product, convincing ability of the shopkeeper, service assurance or something else. But one thing is sure that, all such factors have somewhere affected our understanding in conjunction with the utility of the product and perception about the products that result in a different purchase. The question is- what are those areas which these factors hits and changes our decision making. In a nutshell, if we define purchasing as a process than what are those factors of an individual's personality which get affected and tends to purchase a different product?…

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Features and characteristics of LED

1. LED is a consumer durable item which is used for entertainment purpose.
2. Purchasing decision of an LED depends on upon certain product features as well as customer's need, desire and expectations of the product.

Consumer decision-making

Consumers' makes choices regarding a purchase, buy or use of the product. These choices are important for both the consumers and marketers as well. There exist both external factors (societal and cultural) as well as internal factors (personal factors) which in conjunction with consumer psychology (motivation, perceptual learning and memory) affects the decision-making process and thus affects purchase decision…

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Conclusion

In the consumer decision-making process, we have to consider the stimulus-response model, where marketing stimuli and environmental factors have an effect on consumer behaviour and characteristics which in combination leads towards the purchasing decision process finally responsible for the purchase. Basic psychological aspects help us to understand how a consumer may actually buy a product. Further purchase intention is a moderating variable in between evaluation of alternatives and purchase decision and needs to be handled carefully by marketers…

 

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