MBA404 Consumer Behaviour and Marketing Psychology Management

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Tasks:

Based on the scenario below In this report you must demonstrate an understanding and application of various consumer behaviour concepts and theories by analysing the facts gathered from the video and the survey, and present strategic recommendations. You will be required to incorporate recent peer reviewed literature in order to justify your proposed recommendations.

Answer:

Selected product overview

Critical analysis 

Consumer decision making process

• Need- This is the first stage of any purchase that the customers are involved in. Need in most cases acts like a catalyst, which initiate the purchasing decision. However, in some of the cases, it gets influenced by some other factors such as getting influenced looking at other’s purchase, the background of the purchasing zone and the sales person influencing selling skills. However, the biggest portion of the purchasing happens after when need for the same is realized. For example, if someone were feeling hunger the one would definitely look for something that satisfies his or her needs. On a same note, if someone were feeling cold the one would definitely purchase some warm clothes according to its budget capacity (Mullen and Johnson 2013).
• Gathering of information- This is another very important factor when customers decide on purchasing the product or service of his or her desire. There are different resources from where they gather information such as their family & the relatives, their friends, their academic & business colleagues, sales person and some other resources such as websites. These resources provide a brief required idea of the product of the consumer’s choice. However, their continuation with the product as a long-term association depends heavily on the purchased product’s performance (Mullen and Johnson 2013).
• Making evaluation of the alternatives of the required brand- Evaluation of some other brands with the same product line is another very vital factor that falls in the process of decision-making. Customers search a lot and make evaluation of alternatives available for the same product to attain a maximum value of their spent money. According to the attached survey on consumer buying behaviour for smart watch, it was found that there are some who look for cheaper brands for the same required product (Mullen and Johnson 2013).
• Product purchase- Finally, they land up purchasing their required product after going through such a long process. However, the process involved in purchasing the required products depends on the nature of purchasing. There are different kinds of purchase nature such as impulse purchase and routine purchase. A routine purchase such as the buying of daily used products does not require going through such a long process. However, even in such kind of purchasing consumers seek for options that are offers the required product at the most cheaper rate (Mullen and Johnson 2013).
• Evaluation of product after the purchase- This is not related to the purchasing; however, it plays a vital role in a sustained business performance of the chosen product. This is why because it is the tendency of consumers that they do a post evaluation of their purchased product. If the purchased product is up to their expectations, they would continue their association with the same product or else they would move to some other brand (Mullen and Johnson 2013).

Factors affecting consumer behaviour

Psychological- Consumer’s psychology is perhaps the most useful factor, which different brand use to dominate with the help of consumer journey map. Consumer journey map is an important guide for the different brands as it tells about the entire processing of different factors before the purchase actually happens. Consumer’s psychology can be of various types according to the attached survey module. Some customers follow the decision making skills of others thinking that they always chose the best. For example, if a celebrity purchases a particular product and the other one who is observing and following his or her buying behaviour closely, the observer would definitely end up buying the same product. However, the celebrity might have made the decision as per his or her needs or desire (Kardes, Cronley and Cline 2014).

Cultural- This is another factor, which influence the buying behaviour of some consumers. For example, Muslims who have high devotion to their religion they would certainly consider their cultural essence while purchasing the clothes. They would certainly prevent them from purchasing such products, which are not allowed as per the Islamic laws. Such Muslims would certainly confine themselves with cultural outfits such as kurta paijama (Mustafar and Borhan 2013).

Recent marketing communications

Current marketing strategy

Samsung has chosen the Gear S3 smart watch to attract those who love fashion as well as gadgets. They have targeted such people who are gadget lovers as well as they love wearing to fashionable watches (Wichmann and Kern 2015).

Place-

They have gone differently for it as they have tried to raise the fashionable aspects of the product. They have rather suppressed the technical features, which they usually do with their Smartphone launch. They have tried to make this an important accessory for raising the fashion quotient (Wichmann and Kern 2015).

Strategic recommendations

Influencing the decision making process of customers would be the first recommendation. Samsung Gear S3 is low in performance, which makes it less worth for money being spent to purchase it. The problem is with some apps that do not function properly at times. This is indeed difficult for Samsung to fix it, as these are not any software issues, which is solvable. This indeed takes many research works for embedding different core apps of the brand. However, they may consider this recommendation for their future version of the series. Samsung needs to work on the quality aspects also as it lacks quality of Apple watch priced within the similar range. The consideration of technological advancement in the next version of Gear S3 is necessary to encourage the realization of customers towards the product. According to the decision-making process of consumers, it is necessary for different brands that they make customers feel the need of their products (Maity and Dass 2014).

References

Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.

Belk, R.W., Askegaard, S. and Scott, L. eds., 2012. Research in consumer behavior. Emerald Group Publishing.

Kardes, F., Cronley, M. and Cline, T., 2014. Consumer behavior. Cengage Learning.

Kotler, P., 2012. Kotler on marketing. Simon and Schuster.  

Rucker, D.D., Galinsky, A.D. and Dubois, D., 2012. Power and consumer behavior: How power shapes who and what consumers value. Journal of Consumer Psychology, 22(3), pp.352-368.

Samsung.com. 2017. Samsung Gear S3 Smart watch - Classic & Frontier - Specs | Samsung India. [online] Available at: https://www.samsung.com/in/microsite/gear-s3/ [Accessed 12 Jun. 2017].