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MBA404 Consumer Behaviour and Marketing Psychology, Kaplan Business School, Australia

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Assessment - CONSUMER BEHAVIOUR AND MARKETING PSYCHOLOGY

Question 1. Identify and analyse the need and want that led to the purchase of the product or service.

Answer :

There are three different and basic parts that form the marketing principles. Marketing orientation is based on these (Ashley and Tuten, 2015).

These are:

Needs

Wants

Demands

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However, easy they might sound, there are certain significance to these aspects as they play quite a vital role in the whole concept of marketing of Vegemite, making the monotonous easy and marketing related (Ashley and Tuten, 2015). Things associated with needs to buy Vegemite do not require boost of any kind as people will always end up buying the service or the product.

Promoting a product under this category is something to be worried about as it indicates that the product is no longer a hit in the market. Need might be social as well. They build marketing relationship and are vital for long term survival of the product and its expansion in the world.

Need is explained as:

Basic requirement of humans for food, shelter, water, etc.

Essential for the survival of a person

Things associated with needs do not require boost of any kind as people will always end up buying the service or the product.

Promoting a product under this category is something to be worried about as it indicates that the product is no longer a hit in the market (Calder et al., 2016).

Need might be social as well.

It presents states of proper deprivation leading to need.

Concept of belonging, knowledge and even self-expression leads customers to the need of a product or a service such as Vegemite.

Vegemite is a food spread that is quite popular in Australia. Mondelez International owned it before it was acquired by Bega Cheese.

Wants are little different from needs as:

They change and are not permanent.

Wants change according to people and location as in case of Vegemite, which is popular is Australia

Not essential for the survival of humankind (Fernández-Ferrín et al., 2015).

A want is the service or a product that the customer desires but not to survive.

Question 2. Identify and examine the internal and external sources of information.

Answer :

Business information can be generated from different areas and through different methods. They are used in order to evaluate the market place to understand the need, taste, demand and to monitor the buyers (Fetscherinand Heinrich, 2015). Data from the direct contact activities of customers such as n increase in the sales for Vegemite over other food spreads. Information has sources and these are of two types:

Internal source of information

External source of information

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Internal information has the prime source which is accounting details. Sensation, attention and comprehension are part of the process to generate information. There are certain other areas too that provides valuable data and they need to be assessed. These are:

Records of the employees of the company

Cost data that is part of the business process that shows the amount of sales of Vegemite

Information from the production department (Gómez-Suárez et al., 2017)

Data from the direct contact activities of customers.

Internal information of company like stocks, orders, etc.

External information is obtained from the outside and has various categories (Jost, 2017).

Consumers assess it through selective distortion and explicit memory as well as implicit memory is a requirement to retain it. They can be classified as:

Print information such as in books, periodicals, newsletters, etc. These can be used for valuable market research.

Television as well as the radio media provides proper market understanding (Jost, 2017).

Online information through the internet, which the fastest to get and easiest to avail.

CD-ROM information is an alternative to the information available online. They work as a delivery system for information.

Question 3. Evaluate alternatives and narrow down the attributes of the product or service that satisfy the need or want.

Answer :

Alternatives are like guerilla strategies of marketing that are used by companies to unveil something new in an unconventional way (Kim et al., 2016).

Alternative are quite significant and the needs as well as the wants of the customers are often linked to it or are impacted by it. In this case the subtlety of the taste or the texture of the two products presents the difference. Potential alternatives are of two different types:

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Awareness set where consumers are aware of the alternatives such as Nutella and this comprises of three sub-categories such as evoked set where the alternatives are given certain consideration and might be a want. Inert set is a backup alternative that is often the need of the consumer for a product that is required (Mathras et al., 2016). Inept step is where alternatives such as Marmite are avoided.

The evoked set has two other divisions comprising of purchased specific alternatives. It comprises of three sub-categories such as evoked set where the alternatives like Marmite are given certain consideration and might be a want.

The evoked set provides methods of purchasing a product or a service that is needed.

Unawareness set comprises of all those alternatives that the consumers do not know about and they are never ranked between a need and want.

These are a type of consumer buying decisions (Mathras et al., 2016).

The attributes of products satisfying needs are:

Adding some value with inclusions

Pricing structure is optional

Use is easy (Matz and Netzer, 2017)

Suits the Australian palette.

Used as spread, pasty fillings, in pasta, pizza, burgers, etc.

Question 4. Identify and analyse available purchase methods.

Answer :

Purchasing is a crucial step to the concept of marketing and business. There are a number of ways and strategies that can be applied to it (Minton and Kahle, 2016). Methods of proper purchasing are various methods that can be used in order to request a service or an item.

The various methods are:

Blanket orders are open orders that have a specified period of time that can authorize the possible vendor so that they allow the services or the products to be valued or charged by the people who are authorized on the specific order (Petersen et al., 2015).

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Check requests are a form that is used in order to request money or payment for a specific item.

Petty cash improves the effectiveness and the efficiency of the operations of the departmental stores.

Credit card purchasing is a widely accepted method for purchasing (Plassmann et al., 2015) through online sites.

Orders and requisition purchasing is a form that requests a purchase of the equipment, services and the supplies from local stores.

There are a few more aspects of the concept of purchasing. These factors are:

Demographic factors are related to purchasing methods or consumption.

It is part of the decision making process.

Deciders in a family have the role to jointly or unilaterally carry on this step.

Buyers actually perform the step (Petersen et al., 2015).

Autonomic decision making, decisions dominated by husbands, syncretic decisions, etc., are connected to it.

Question 5. Analyse your post-purchase behaviour and satisfaction.

Answer :

Post-purchase behavior is a significant part of the buying process as well as the decision making process of the customer and relates to their needs, wants and desires leading to satisfaction (Rimkute et al., 2016). It can be defined as:

Reaction that presents the likes as well as the dislikes of the customer

Related to the attitudes, satisfaction ad preferences

Indicates the achievement of motives by a product or a service through the quality and quantity

It is the end of the process of purchasing (Sen et al., 2016)

This behavior is consistent with the maintenance standards of Vegemite through halal certification has the consumer invested.

The cost of the usage of the particular product is cheap (Stephen, 2016).

Satisfaction of the customers comes after the post-purchase behavior step if the product has performed better that it was initially expected to do (Stephen, 2016). This cannot be generalized in any way as there is not standard definition for it.

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