|Program||BTEC Higher National Diploma in Business (Marketing)|
|Unit Number and Title||Unit 17 Carlton Marketing Intelligence|
|QFC Level||Level 4|
Task 1: REPORT
Writing a report to the CEO of Carlton
The purpose of this unit 17 Carlton marketing intelligence assignment is to access the process of decision making and the behavior of the customers and study what factors can influence the customers to make purchasing decisions for Carlton. Also we would look into the importance of branding for Carlton here.
1.1 Addressing the decision making processes of the customers
The decision making processes of customers to an event management business like Carlton is changing new technologies influences the prospective of a decision to attend an event or not.
The steps of decision making process are as under;
- Problem or need recognition – the customers have needs ranging from developing their business network, to learn something new, or to be entertained and meet new friends, hosting a party or wedding etc. At times individual customers have no personal needs and Carlton requires creating a need by the use of innovative concepts of event management and attracting customers to the event created by the Carlton group.
- Information search – in this step the customer scan all resources to get relevant information in order to get an agency to satisfy their needs .These days internet is used as the most powerful source of information search provider wherein the name of the event management firms and other information details can be made available by searching in the search engines. For searching the information source the customers keep in mind the costs of the service provider and the extent to which it offers to satisfy their needs.
- Evaluation of the alternatives – At this stage the customers review that are there other service providers that can conduct the event providing benefits and at a lower cost?
- Purchase Behavior– now after evaluation the selection of the event management service is done which could be influenced only by peer pressure and influencing opinions.
- Post Purchase behavior – After attending the event the customers latter on decide and analyse whether or not it was successful in satisfying our wants and the decide on being loyal customers or switching to other event management business as a result of suffering from cognitive dissonance (Solaris, 2012).
1.2 Explaining what is buyer behavior including at least ONE theory of buyer behavior
Buyer Behavior can be defined as systematic approaches that are followed by the consumers when they are in to a phase of purchasing and making decisions related to buying (Kokemuller, n.d).
For the study of the consumer behavior different theoretical approaches have been used they are;
- Economic Man – this describes man’s buying behaviour based on his rationale and self-interest and a bent to increase his utility.
- Psychodynamic Approach – studied by Sigmund Freud and Stewart this view suggests that buying decisions are based on biological influences and drives which are a result of conscious thoughts.
- Behaviourist Approach – this suggests that behaviour including individual thoughts and actions influences consumer behaviour (BRAY, Jeff, 2008).
1.3 Exploring three factors that influence consumer behaviour
- Cultural Factors – Culture acts as a prime cause for influencing the needs and demands and thereby the buying behaviour of an individual so it is needed that Carlton limited keeps spotting the cultural bent of the customers that might be the cause of them requiring a particular event. Example people belonging to different cultural backgrounds and community would seek for an event considering their rituals and culture form Carlton Limited.
- Social Factors – these includes the reference groups , and the status of the group members and includes all the influences of the outside factors in making the decision of purchase as all the event related buying decisions are based on social factors largely this is an important aspect to consider. If the customers come from high class effluent social groups he would want to purchase a high budget event.
- Personal Factors – These includes factors such as the age and life cycle stage of the consumer, his /her occupation, activities , interests and personality that affects the buying decision. Example a customer of the younger age group will be seeking an event that has entertainment and excitement and a couple to be married would seek a wedding event management from Carlton.
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1.4 Explaining the meaning of a brand and whether a relationship exists between branding and brand loyalty, corporate image and repeat purchase in the context of your chosen company
Brand includes all the features that distinguish a product form that of the other seller it can include the name of the product, product design, symbol, logo etc. Corporate image has been recognised as an important factor determining the satisfaction of the customers and their loyalty. The corporate image enables the customers to trust the brand and increase the sales of the brand and improving its performances. Having loyal customers helps the company to have a high market share and in the reduction of the operating costs. It is much more costly to acquire a new customer than to retain an old one (park, Ellie and Bai, Billy, n.d).
Example to study the relationship between brand branding, brand loyalty, corporate image and repeat purchase we can analyse the Starbucks Coffee Company.
Starbucks has a strong corporate brand image the logo of the brand can is easily recognised globally. The Starbucks experience is very difficult to imitate (TU, Yu-Te et al., 2012) .They provides personalised services to all the customers and focus on the ambience and aroma of the stores as a part of the corporate branding strategy (RUIZ, Joseph, 2012).
Brand Loyalty – Starbucks does not spends much on acquiring new customers as it has ample of loyal customers and this loyalty itself is a significant of high brand value attracting other customers (simmons, John, 2005).
Recommendations and suggestions –
- For the buying behavior – online marketing can be used efficiently by Carlton limited to encourage customers to point out their needs aloud.
- To influence decision social advertising can be used by Carlton via Facebook, twitter, LinkedIn ETC.
- Optimisation of the website of carlton limited to show the keywords
- Video advertising via You Tube
- For influencing the evaluation Carlton can invite bloggers to the event and get it rated by the customers
- Post purchase behavior can be influenced by not resorting to any lies during the marketing process (SOLARIS, Julius, 2012)