Understanding Consumers Assignment Sample

Introduction

Consumer perceptions refer to the concept of marketing where the awareness, impression, and consciousness of a company’s products or offerings are undertaken by the customers.

Moreover, the current report highlights the major attributes of consumers concerning their psychological perspectives, buying perceptions, and attitude towards buying a product.

Furthermore, critical discussions on the strategies implemented by the companies are also highlighted within the study. In addition to that, critical evaluation of personal buying perceptions has been included along with different analytics like type, size, or geographical locations of an apparel store.

Learning and memory in marketing and their advantages

Learning refers to the change in the organisational content for the expectations of long-term behavior or memory. As opined by Batkoska and Koseska (2012), cognitive learning has been defined as the process to form opinions, attitudes, and decision-making for reacting positively or negatively.

Furthermore, the study also highlighted learning as the cognitive behavior of short-term as well as long-term memories through the incorporation of key factors like elaboration and repetition of the same. Repetition involves the recycling of mental processing through short-term memories and thinking procedures.

On the contrary, words of Shahab et al. (2021) states that elaboration helps in identifying the degree of integration for the current base of knowledge among the existing knowledge of the same. However, the reaction among consumers is dependent on essential factors like cognitive learning although the sale of favorable items or products is majorly guided through the memory cards.

Consumer memory on the other hand refers to the process of recording or retrieving the experiences related to the offered products, services, or the past experiences of consumptions (Coates et al. 2006).http://Understanding Consumers Assignment Sample

Furthermore, consumer memory can significantly impact the behavior and perceptions of consumers associated with different ideas and concepts. According to the words of Batkoska and Koseska (2012), memory ranges in different durations related to the time span, namely, short-term or long-term memories.

Therefore, the usage of sensory memories plays a vital role in the assessment of short durations like memorising an advertising company’s phone numbers before calling the same. Therefore, this is an example of short term memory as the consumers are focused on memorising the information for a smaller period. On the contrary, long term memories are generated through rehearsing the actions several times for etching them into memory (Rimkute, 2016). http://Understanding Consumers Assignment Sample

For example, getting a new phone number for customers may require him to memorise the same by repeating the number in his mind. In addition to that, perceived rehearsals of using the same documents like driver’s license or security credentials help the consumers to store them in long term memory.

Therefore, the aforementioned factors of consumer behavior such as learning or cognitive memories are essential for the firms in understanding the decision making procedures undertaken by their consumers or how or when the products or services are being hunted.

According to the words of Watson and Spence (2007), deriving cognitive memories among consumers through the implementation of catchy taglines or slogans help the firms to deliver a long-term memory etched within the same. This, in turn, helps the firms to cater to or address the consumers through significant advertisements ringing their long term memories regarding the same. In addition to that, color in products is also found to have a significant impact on the marketing of essential products in a subjective manner.

Furthermore, this helps in bypassing the consumer’s perceptions in understanding their effectiveness towards the “color” factor. Therefore, this significantly helps the firms to play with customers’ perceptions in decision making procedures through associating with the importance of decisions in the subconscious mind of the consumers.

Learning, on the other hand, focuses on creating a psychological influence over the customers through other traits like motivation, personality, values, beliefs, and perceptions of the same.

According to the words of Jisana (2014), the learning model of consumer behavior is associated with the satisfaction of basic and learning needs for the customers. In addition to that, the consumers help identify the needs and satisfaction levels through perceived previous memory.

Therefore, the two essential factors of memory and learning have helped identify the perceptions of consumers for the firms in gaining further competitive advantages.

The difference in need, want, and desire for customers

Needs wants or desires are the three major factors in marketing that are helpful for the firms in targeting their respective customers and improving the brand positioning procedures.

Needs refer to the most essential and basic requirements of human beings like food, clothing, and shelter that are required for survival (Loxton et al. 2020). http://Understanding Consumers Assignment SampleTherefore, the different products falling under the “needs” category should not require any additional push by the firms through advertisements or other marketing procedures. Wants on the other hand are requirements that are not necessarily essential for the survival of humans but are closely associated with needs.

Therefore, it can be further stated that wants are exactly the opposite of needs for the consumers and are found to be variable. According to the words of Ariffin et al. (2017), wants perception within consumers are found to change or modify over the changes in location and people due to perceived memory levels. Therefore, some significant examples of wants are the products associated with the hospitality industry, FMCG sector, or the electronics industry.

On the contrary, desire within consumers refers to the basic difference between wants and needs. As per the words of Guimaraes Moreira (2017), demands are the needs or wants of consumers while their will and ability to pay for the same. However, the desires are found to be different from demands as they are not always able to be met by the consumers.

For example, a consumer may find to have demand for a Honda Civic which they can purchase too after a certain time period. However, the instance is different for desires of purchasing a BMW or Porsche as the consumers might not have the necessary purchasing capabilities. Therefore, desires are found to be much different than wants or needs due to their purchasing abilities.

Strategies implemented by companies for influencing purchasing behavior in customers

Marketing strategies are found to be essential for the firms and companies in influencing the overall purchasing behavior and consumers’ perceptions towards buying of goods and commodities are essential.

As per the words of Bilro and Loureiro (2020), engagement levels with the consumers can be further improved through the maintenance of efficient communication via offline or online modes.

Furthermore, the aforementioned techniques shall further help in the engagement of customers through online media like Facebook or Instagram to further gain detailed knowledge on the type of demands. Therefore, the businesses should further focus on the improved communication levels within their existing consumers for the development of increased purchasing notions.

According to the words of Kanten and Darma (2017), marketing strategies are found to have significant positive impacts on the satisfaction levels among the customers. Therefore, the combination of marketing strategies, consumer perceptions, and satisfaction levels are found to be important for increasing the demand for products and services.

Moreover, another essential strategy has emerged to understand the needs or requirements of the potential consumers of a firm. As per the words of DAS et al. (2018), for further understanding the decisions of purchasing behavior of consumers regarding services or products, companies are required to further analyse the requirements or needs for addressing the same through promotions and marketing messages.

Therefore, understanding the basic needs and requirements of the same consumers shall further help the firms to gain additional profits by selling and improving their revenue levels.

Figure 1: Traditional funnel of purchasing behavior among consumers

(Source: Influenced by Stankevich, 2017)

The figure depicted above highlights the five different purchasing processes acquired by a consumer while purchasing a product or undertaking a service from a company. In addition to that, it majorly involves five different steps namely, awareness of the brand and their product, level of familiarity, or information regarding the usage of the concerned product in the past.

Moreover, consideration of the current product over their other alternatives in purchasing the same is essential (Stankevich, 2017).http://Understanding Consumers Assignment Sample Lastly, the consumer satisfaction levels achieved after the post purchase services delivered by the firm also helps in improving overall consumer loyalty levels for the firm.

Therefore, the aforementioned traditional funnel of marketing can be helpful for the firms in influencing and understanding the overall purchasing behaviors of the consumers.

The usefulness of analytics in improving revenue for an apparel company

The improvement in consumer behaviors and their perceptions towards the goods and services used are majorly dependent on how well the firms or marketers are aware of their customers.

Additionally, the business analytics usage helps different firms in understanding the consumer’s needs through focusing on the timing as well as messaging of services or products being suited ideal for their customers (Hu et al. 2019).http://Understanding Consumers Assignment Sample Therefore, the usage of big data can be found to be essential in the improvement of revenue levels in the hypothetical apparel company across multiple geographies.

As the case suggests, the apparel company is found to have a distribution channel of offline and online deliverables. Therefore, the firm should effectively focus on the implementation of digital marketing procedures to reduce the negative impacts and contamination risks of the Covid-19 pandemic situation (Saura et al. 2019). http://Understanding Consumers Assignment Sample

Furthermore, it shall also help in helping the consumers to purchase clothes online. Moreover, the customers wanting to purchase via offline mode should be greeted with cashier-less physical stores which can be easily used through paying for the apparel brought at the end. This in turn will reduce the additional risks of contamination and further facilitate time management for the customers by skipping the line for billing purposes.

Therefore, the firm shall be able to generate additional revenues and profits during the pandemic situation via the incorporation of digital marketing platforms as well as social media platforms for reaching a vast number of customers.

Moreover, words of Dwivedi et al. (2018) stated that digital marketing across different social media platforms is found to reduce geographical barriers in the brand promotion of the firms.

Therefore, the current apparel firm can also utilise the online marketing strategies to focus on their existing and prospective consumers across the city of Berlin without needing to put up advertising billboards. Thus, the aforementioned approach shall significantly help in reducing advertising costs which shall also increase the overall profits gained by the firm.

Furthermore, the size of the apparel firm is found to be approximately 2000 square feet capable of catering to approximately 100 customers within the physical store after proper maintenance of social distancing norms.

Therefore, the additional space within the physical offline stores of the firm helps understand the major requirements of the consumers regarding their levels of perceptions. In addition to that, this shall further help in improving the loyalty levels among the offline customers who are keener on purchasing apparel after proper trials and understanding of the materials for the products.

Thus, the firm can improve their customer feedback after they purchase products via feedback forms which can help in the improvement of internal issues or problems solely associated with the offline store. Moreover, this shall help in improving the overall customer loyalty levels for the consumers that have been effective in increasing revenue generation.

Conclusion

The current report analyses the different levels of evaluation and critical analysis of the consumer’s perceptions towards businesses. Furthermore, the concepts of learning and memory in the perspective of marketing have been analysed in detail along with the advantages of the firms in gaining information about their customers.

The major differences between needs want and desires within a customer have been included within the study along with the digital marketing strategies implemented by the firms to influence consumers’ perceptions towards buying patterns. In addition to that, a case of a hypothetical apparel company situated in Berlin has been incorporated with different assumptions of size, geography, and age of the firm for further improvement in the revenue generation of the same.

Reference List

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Jisana, T.K., 2014. Consumer behaviour models: an overview. Sai Om Journal of Commerce & Management, 1(5), pp.34-43.

Kanten, I.K. and Darma, G.S., 2017. Consumer behaviour, marketing strategy, customer satisfaction, and business performance. Jurnal Manajemen Bisnis, 14(2), pp.143-165.

Loxton, M., Truskett, R., Scarf, B., Sindone, L., Baldry, G. and Zhao, Y., 2020. Consumer behaviour during crises: preliminary research on how coronavirus has manifested consumer panic buying, herd mentality, changing discretionary spending and the role of the media in influencing behaviour. Journal of risk and financial management, 13(8), p.166.

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