Develop and write an APA formatted 8-10 page paper that explains the following: (1) three to four important concepts you have learned throughout this course; (2) identify the two to three concepts you would like to apply to your current or future work setting and how you will go about implementing them.
Refer to the attached presentation for topics to be covered, along with the following topics:
Segmentation/Group Influence, Learning Memory, Internal Influence, Situational Influence, Customer attitude, Buyer Behavior
Need peer-reviewed citations for the paper.
Also, please provide practical business oriented application of the concepts wherever applicable as how the concepts can be used in practical marketing scenarios and strategies.
Consumer’s Decision Making
(Date) (Instructor’s Name)
This Comprehensive Learning Assessment seeks to identify with the learning outcomes as identified from Marketing Strategy & Consumer Behavior course.
In its constituents, it addresses the major findings achieved from the course content as identified by the important concepts learned.
In the same manner, it acknowledges the analysis undertaken to arrive at various assertions.
Lastly, it finalizes the recommendations attained from the learned concepts.
Consumer’s Decision Making
Consumer’s decision making, as derived from the course, identifies with consumer behavior as perceived through their purchasing power.
It suffices as a factor that impacts organizational success as it invokes how consumers select and utilize products and services.
Consumer Decision Making Process
To understand how consumers behave when it comes to selecting and utilizing products and services, the decision making process is evoked.
In the decision making process, there are five steps that consumers identify with when they wish to make a purchase.
1. Problem or Need Recognition
This step evokes the understanding of a need and how that need can best be meet (Schiffman et al., 2013).
Without the definition of such a need or rather a problem that necessitates solving, a purchase cannot be affected.
2. Information Search
This step invokes either internal or external search of information regarding the defined product (Tanner & Raymond, 2011).
It is at this stage that information attained from different sources plays a role in defining a purchase
3. Alternatives Evaluation
This step is critical as products are defined and weighed per the particular attributes that they present over other products (Tanner & Raymond, 2011).
4. Purchase Decision
Once a defined advantage is met, a consumer executes a purchase as the fourth step.
At this juncture, the most preferred product or rather brand is selected, and the execution of purchase is made (Schiffman et al., 2013).
5. Post-purchase Use and Evaluation
This step identifies with the consumer’s evaluation of satisfaction made from the purchase (Tanner & Raymond, 2011).
In the instance that satisfaction has been attained, the chances of making other consecutive purchases is embraced.
If satisfaction is not attained, the chances of making other consecutive purchase is negated.
Major Findings (Cont’)
Emotion-driven purchase encompasses the involvement of a consumer’s feelings towards a certain product or service, thereby influencing his or her buying behavior.
As such emotion-driven purchase encompasses the feelings that a consumer identifies with before, during, and after a purchase (Baum, 2017).
Emotion-Driven Purchase (Cont’)
An emotion-driven purchase is evident when negative reviews, opinions, suggestions, and even preferences are utilized to justify a purchase as opposed to the use of reason or function.
As such, utilization of attributes to make informed decisions and thus purchases is negated once emotions are involved in the decision process.
In a functional purchase, consumers undertake a comprehensive evaluation of alternatives, from which the best product or rather service that meets the intended need or rather want is selected (Hawkins & Mothersbaugh, 2016).
Functional Purchase (Cont’)
A functional purchase invokes a cognitive differentiation of advantages and disadvantages or benefits and challenges that different alternatives of a possible purchase identify with to make an informed purchase decision.
For organizations to identify with the attainment of organizational goals and objectives, they should adopt effective and efficient implementation efforts in marketing approaches.
Consumer behavior suffices as a great factor that impacts organizational success as it encompasses how consumers identify with their purchasing power.
Baum, D. (2017). How emotion influences buying behavior (And marketers can use it). Impact. https://www.impactbnd.com/blog/emotion-influence-buying-behavior
Hawkins, D. I., & Mothersbaugh, D. L. (2016). Consumer behavior: Building marketing strategy (14th ed.). McGraw-Hill.
Schiffman, L., O’Cass, A., Paladino, A., & Carlson, J. (2013). Consumer behaviour. Pearson Higher Education AU.
Tanner, J. F., & Raymond, M. A. (2011). Principles of marketing. Ingram.