Behavioral analysis report Essay Example

  • Category:
    Marketing
  • Document type:
    Assignment
  • Level:
    Undergraduate
  • Page:
    3
  • Words:
    1773

9Behavioral Analysis

BEHAVIORAL ANALYSIS REPORT

The Name of the School (University)

The City and State where it is located

Table of Contents

2Table of Contents

3Executive summary

4Introduction

4The five stages of the consumer decision making process

4Problem or Need Recognition

5Information Search

5Evaluation of Alternatives

6Purchasing Decision

6Post-Purchase Evaluation

7Internal Factors that influence consumer decision-making process

7Conclusion

8Recommendation

9References

Executive summary

The consumer decision-making entails a multifaceted process that involves a number of stages, ranging from problem or need recognition to post purchase decision. Consumers tend to have personal needs, which make them compose varying decisions. As such, these decisions may become too complex based on the opinions held by consumers regarding a certain goods and services. A common consensus within companies and among researchers shows that consumer-purchasing theory entails several stages. However, these theories tend to vary from one another, depending on unique factors but they all result to nearly same theory with reference to the consumer purchasing theory.

The five-stage model primarily suggested by Brink and Berndt (2009)is believed to be the universal models relating to consumer decision-making process that entails five diverse stages. These five stages of the consumer decision-making process include recognition of problem or need, information search, evaluation of alternatives, purchase decision and post-purchase behavior. Additionally, Hoyer and Macinnis, (2008) emphasizes on the significance of this model compared to other models since the main focus of this model is motivational factors that assists the user to identify the drive behind each purchasing decision.

This behavioral analysis report focuses on illustrating the steps a consumer would take in the purchase of Fitbit performance tracker brand’s product. The report will explore on the five stages and the internal factors that affect the consumer decision-making process. The analysis will be within the context of Australian market. The report will be concluded with practical recommendations on way the selected brand could successfully market and promote their product.

Introduction

Increasing physical related activities is an important element of any wide-ranging approach to live a healthy life. Fitness trackers such as FitBit Force, Nike+ Fuelband and Jawbone up are steadily increasing in popularity around the Australian market. The behavioral research experts have forecasted the trend to continue growing in the upcoming years. Firms and individuals are exploring on the driving force that is behind this trend. FitBit Performance Tracker take advantage of consumer’s health as well as fitness goals, in a manner that makes their steps forward strong and simple to track. Blackwell and others (2006) assert that goals that could be easily measured or tracked are easily attained. While this brand thrives on consumer’s conscious motivation to arrive at a certain goal, motivations may also function outside the consumer’s consciousness. To understand consumer behavior and their motivation toward a particular brand is to understand the reasons why they make purchasing decisions. Consumers do everything for a reason, whether to satiate a thirst, to keep fit, to kill boredom or achieve some inner spiritual experience (Perrey & Spillecke, 2011). For that reason, understanding and at same time realizing the fundamental issue about consumer decision making process as well as utilizing the presumptions in practice is turning out to be a common factor in promoting selected brands in the market by firms.

The five stages of the consumer decision making process

Problem or Need Recognition

The recognition of a problem or need is the initial stage of the consumer decision-making process. An identification of a need arises where a person realizes the existing variance based at the actual position and desired one (Perrey & Spillecke, 2011). In most cases, recognition of a need or problem depends on a number of situations like individual or professional that results in formation of the purchasing idea. For example, consumer may identify the need to cut weight because of the problems associated with obesity, and this motivates him or her to purchase the FitBit performance tracker. Furthermore, need recognition existing within different levels most take place either during the encounter with a particular product or subsistence of a range of circumstances. Human needs can be categorized into two; psychological needs and physical or functional needs. The psychological needs are primarily the results of emotional feeling of the consumer while the functional needs are the outcome of necessity. According to Maslow hierarchy of needs, a satisfaction of one need will bring out another need and the trend keep on repeatedly (Perrey & Spillecke, 2011).

Information Search

This is the second stage of the consumer decision-making process. Once the problem or need has been recognized, the consumer is expected to search more information about the product to be able to make a purchase decision. The information search may encompass reaching out for feedback from previous users (Perrey & Spillecke, 2011). A consumer of FitBit performance tracker will compare the existing alternatives according to their own perspective and experience. Internet great support Australians especially those living in major cities to search for more information of keeping fit and healthy. This assists the consumers to make informed choices while researching on a particular brand. In an exceptional marketing strategy, Nike made its Nike+ platform and later begun selling well-matched Fuelbands-sport watches, which offered an internet podium to market for consumers to openly track their respective goal advancement like burn extra calories or run faster.

Evaluation of Alternatives

After acquiring adequate information regarding the initial stage, the consumer embarks on comparing and examining that information to decide on the better choice. At this stage, the consumer evaluates all the available information gathered from the search and looks at several alternative products measure up to the needs (Perrey & Spillecke, 2011). For instance, considering various alternatives of fitness trackers, the consumer may compare the FitBit Force, Nike+ Fuelband and Jawbone based on the size, brand, price and quality. This is a very important stage in consumer decision-making process. Issues about the age taste and preference, culture as well as budget also surfaces at this stage (Hoyer & Macinnis, 2008). Majority of firms have used celebrity endorsement to win over consumer decision-making process when comparing the alternatives. For example in Sydney, that is Australian market the celebrity Rupert Murdoch has endorsed the Jawbone publicly. This have always tried to trigger consumer decisions to lean toward the endorsed product.

Purchasing Decision

Immediately the search and evaluation of information is over, consumer may decide to make a purchasing decision. This stage is perceived to be very important in the entire decision-making process by the consumer. A decision is reached and a purchase made at this stage. A number of factors may affect purchasing decision (Kacen & Lee, 2002). For instance, absence of preferred product in the shelves or in the stock. In such circumstance, a purchase may be delayed and a purchase made via online stores. The Fitness trackers in selling their brands like FitBit Force, Nike+ Fuelband and Jawbone have dominantly utilized online stores.

Post-Purchase Evaluation

This is the final stage of the consumer decision-making process. It emphasizes on consumer’s experience regarding the purchase of the product. A number of firms appear to assume this stage since it occurs when transactions have been paid (Kacen & Lee, 2002). Although, this stage is crucial since it influence the future decision-making processes for the product by the consumer. The peer opinions concerning the product assessment seem to influence consumer level of satisfaction derived from the product in spite of the objectivity level (Trehan & Trehan, 2011). The results and experience of the product forms the basis of future decision making by the consumer and his or her peers.

Internal Factors that influence consumer decision-making process

Studies regarding consumer behavior assist in planning the marketing strategy by examining the past trends and predicting the future trends. Internal factors that influence consumer decision-making process helps to understand the purchasing pattern of people (Perrey & Spillecke, 2011). The motivational factors to use FitBit Tracker brand along with other products like FitBit Force, Nike+ Fuelband and Jawbone is the because of specific needs as well as their ramifications of related behavior. For instance, a higher need for accomplishment robustly value individual achievement. They position a premium on products, which imply success since these items offer feedback regarding the realization of respective goals (Brink, A. & Berndt, 2009). The consumers’ attitude and involvement are geared toward prospects for products that avail the evidence of their accomplishments. Different personality may be used to endorse the brand, for the case of Serena Williams and Bolt endorsing FitBit Tracker appeared to have swayed the global market in the purchase and use of the product. In addition, the idea influenced positively in making purchase decisions by majority of consumers who desired to identify with the product (Kahle & Close, 2006). Similarly, personality and self-concept regarding a particular product affects the purchasing decisions made by consumers.

Conclusion

Besides, focusing on the consumer decision-making process and internal factors that influence-purchasing patterns, firms should endeavor to build strong brands in the market. The global market is full of competition and each firm is expected to position it strategically and secure a competitive edge over the competitor. Fitness Tracker along with its key brands such as FitBit Force, Nike+ Fuelband and Jawbone have secured a strong market niche in Australia and the company should continue to focus on quality to win over many users of their products.

Recommendation

Advertisement plays a vital role in determining the purchasing decision reached upon by consumers. FitBit need to focus more marketing strategies like internet marketing to market the online stores that stocks the brand and to increase sells. Market campaigns on FitBit Force, Nike+ Fuelband and Jawbone done frequently will influence the consumer decision-making process regarding the products and cause shift in the market.

Purchasing power of consumers plays a key role in influencing the decisions by consumers. Fitness Trackers should be designed to meet various needs and sustain purchasing capacity of different consumers in the market. Such considerations will help to increase sales for the product.

References

Brink, A. & Berndt, A. (2009) “Relationship Marketing and Customer Relationship

Management” Juta Publications

Hoyer, W.D. & Macinnis, D.J. (2008) “Consumer Behavior”, 5th edition, Cengage Learning

Kacen, J. J. and Lee. J. A., (2002) “The influence of culture on consumer impulsive buying

behavior”, Journal of consumer psychology. 12(2), pp. 163-174.

Kahle, L.R. and Close, A. (2006) “Consumer Behavior Knowledge for Effective Sports and

Event Marketing”, Taylor & Francis, New York, USA

Perrey, J & Spillecke, D. (2011) “Retail Marketing and Branding: A Definitive Guide to

Maximizing ROI” John Wiley & Sons

Trehan, M. & Trehan, R. (2011) “Advertising and Sales Management” FK Publications

Fitbit. https://www.fitbit.com/home