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MBA404 Consumer Behavior for Decision-Making Assignment 1 Answer

Assessment 1 Information

Subject Code:MBA404
Subject Name:Consumer Behaviour and Marketing Psychology
Assessment TitleIndividual Project
Assessment Type: Length:Video
7 minutes (+/- 10% allowable range)
Weighting:25%

Your task

Individually, you are required to create a 7 to 8-minute video, in which you must discuss and critically analyse your recent purchase of a product or service based on the 5-step Consumer Decision Making Process. Please note that you will need to use the same product or service in the second and third assessment in this subject as all assignments in this course are interrelated. In addition to this, products or services by market leaders, such as Apple, Samsung, Nike, should not be used.

Assessment Description

In this individual assignment, you will be given an opportunity to explore contemporary marketing issues related to consumer behaviour by demonstrating an understanding of the theories and concepts learned in weeks 2 to 5.

Assessment Instructions

Before making a choice, please conduct preliminary research first to determine the availability of information. If you find that the number of sources about your chosen product or service is limited, please consult your workshop facilitator to discuss an alternative option.

Once you have chosen your product or service, your task is to record a narration of each of the steps of the Consumer Decision Making Process on video and provide the viewer with an in-depth critical analysis of how you have moved through each of the steps. In your analysis, you will need to explain and demonstrate the steps, along with your identification of any possible issues that occurred during this process. The findings presented in the video must be based on primary research and can be reinforced by analysis of relevant secondary data. In addition to this, your analysis must incorporate theories and concepts related to consumer behaviour discussed in the topics from weeks 2 to 5. More specifically:

  1. Identify and analyse the need and want that led you to the purchase of the chosen product or service.
  2. Identify and examine the internal and external sources of information that you used in making your decision to buy the chosen product or service.
  3. Evaluate alternatives and narrow down the attributes of the chosen product or service that satisfy your need and want.
  4. Identify and analyse available purchase methods to determine how these methods impacted on your decision-making process.
  5. Analyse your post-purchase behaviour by identifying the features of the chosen product or service that reduce cognitive dissonance.

You are required to use at least 10 sources of information and use Kaplan Harvard Referencing Style. These may include websites, government publications, industry reports, census data, journal articles, and newspaper articles. These references should be presented as a reference list at the end of your video.

Assignment Submission

Students are encouraged to submit their work well in advance of the deadline to avoid any possible technical difficulties. For those students who have limited experience in video making techniques, it is recommended to read video FAQs document that is available to you under the assessments tab in MyKBS.

Answer

Consumer Behavior and Marketing Psychology 

The video provides a brief explanation of my decision-making process. It has discussed my behavioural approach and stimuli during the selection or purchase of the product. The decision-making process mainly includes five stages based on which consumers made their decisions. They are Need Recognition, Information Search, Alternative Evaluation, Purchase Decisions and Post Purchase Evaluation as seen in the below diagram (Schamp et al. 2019): 

In the first stage of customer decision making, the need recognition occurs when there is an imbalance between the desired and actual stimuli of the customer. The need recognition is focused on the issue faced by the customer in their daily lives (Zhang et al. 2018). They want customer recognises the desire that needs to be fulfilled. My poor skin conditions and tissue dehydration is one of the issues I am fed up with. I tried a number of products earlier, and the result was not up to the market. Moreover, my stock for the two skincare products I was using also ended. These two factors worked like a  trigger that has helped me realise that I need to get a good skincare product. 

Step two includes information search after convincing there is a need for a product, which could be applied, for skincare and better skin posture (Karimi et al. 2015). In the process, the customer uses the external source and internal sources for gathering information over their needs and wants (Liu et al. 2018). As per the internal sources, the customer focuses on their memory, to gather information from their experiences. They also focus on the suggestions, advisory and other conversation made by their friends, families and colleagues about the issues of skin and their alternative remedies (Seo et al. 2018). In the case of the external sources, the customers read news articles, online articles, search for solutions in online sources and gather information from adverting, social networking and other external sources (Zhang et al. 2018). The information is focused on finding a solution to the rash skin and skin tissue issues of the body. Based on the information, the decision-making is taken by the customer on approaching towards a specific product or service that could resolve the skin issues (Tien et al. 2019). I have used social media sources and internet sources to find appropriate skincare products. I have also been suggested by my family members the skincare products under Coles would be better for treatment of my skin issues. However, as both Coles and Woolworths supermarkets are close to where I stay, I started searching for offers in both the superstores.  

Information gathering helps in making decisions and also to compare products with similar products (Hafiz and Ali, 2018).  The information can be gathered through internet, social media by visiting official social media pages of the companies, visiting the website of the companies or logging into the mobile application of the companies or through advertisement commercials done by companies (Jan et al. 2019). After gathering relevant information, I become aware of skincare products, which could resolve their issues such as VaselineThe potential alternatives are narrowed down based on the awareness set. The evoked set includes considered alternatives. I have seen skincare alternatives such as coconut oil, Lanolin, Olive Oil, Vaseline jelly. This is some of the alternatives for skincare. As per the inert set, it introduces the backup alternative of a product does not work on skin line cocoa butter, Shea butter, Tallow (Coles. 2019).  I have created back up alternative Cocoa Butter for my skin if a product purchased by me does not work. I have also figured out inept set includes the solutions which could be avoided as alternatives such as coconut oil, Lanolin, Olive Oil need more amount for applies in the skins. Thus, these products could be avoided by me. From the alternative analysis, I can select the Vaseline Jelly under Coles for applying on the skin to reduce the skin-related issues.    

Alternative evaluation helps to understand the best fit product according to the requirements of a specific customer. I have made purchase decision making for the Vaseline product under Coles. I have seen all the alternatives and believe that Vaseline product is the best fit product for me. I compared the prices, the features, customer reviews as well as ingredients which are used to make the product. Based on this evaluation, I made the decision to buy Vaseline Under Coles. In this stage, the customer looks for alternative purchase methods for the purchase of the Vaseline product. In regards to purchasing a product, there are several methods available such as debit card, credit card, usage of individual income, home loans, lease agreements, after pay methods. For the high amount of purchase such as automobile or property, the loans, and advances, after pay, lease agreements are useful (Bartosik-Purgat 2018). On the other hand, from a small amount purchase the debit cards, credit cards and online payment applications are reliable. Thus, for the purchase of Vaseline customer, I will choose my debit card to purchase Vaseline from the online website of Coles.   

The last stage includes the experience of the customers, which is presented through post-purchase behaviour. In this step, the customer expresses inner tensions through conversations or social media feedback about the inconsistency, inoculates features of the product, or services (Zhang et al. 2018). In relation to mitigating the negative feedback from the customer, the Coles introduces guarantee, warrantee, follow-ups and guideline of usage for the Vaseline product. I have a satisfactory experience after using the Vaseline product. I have saw changes, and my skin is getting better after applying the product. I have commented on the social media page of the Coles about the use and my positive experience of the product.  

The five prime steps of customer purchase decision highlight the five phases a customer goes through while the purchasing of a product or services. The business entities require focusing on the information search, selection of alternative, and following up sage for better detention of the customers. 

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