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This is an interview report between me and a purchaser. The purchased item is a low-priced and utilitarian.
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Title: CONSUMER BEHAVIOR
Consumer behavior
This is an interview report between me and a purchaser. The purchased item is a low-priced and utilitarian.
What does the shopping experience represent for the consumer?
The consumer’s attraction to purchases is most of the times governed by hedonic shopping motives and an optimal level of stimulation sought through seller’s price. Consumers are always rational and may be divided into segments that seek different levels of stimulation. These levels of stimulation are achieved through different levels of patterns.
According to the consumer whom I had the honour to interview, he derives utility from the thrill of seeking out bargains. Considering the fact that product in question is low-priced and utilitarian, the consumer argued that he had to see the product offered at full priced in order to experience the excitement of findings of the product. Another motivating factor according to the consumer is the optimal level of stimulation (OSL). I may link these motivating factors by resorting to some of Aristotle’s ideas on the nature of a happy and satisfying life. According to Aristotle, humans are rational beings and that a human life is basically rational activity. This means that human beings live their lives by making choices based on reasons and then acting on those reasons. The interviewed consumer proved this argument by stating that his choice was motivated by beliefs and desires.
How did you get the information about the product?
Utilitarian goods are purchased and used frequently and are regular part of the consumer’s life. This allows the consumer to be price sensitive towards them. Basic needs, if not satisfied, result to inadequacy and deficiencies for an individual to meet his or her basic needs. According to the theory of human good, consumers sometimes experience an involvement in the shopping process which far exceeds a detached effort desired products in an efficient and cost-effective manner. The consumer interviewed relates to this theory and claims that information about the product is guided by the basic needs. Therefore, he claims that he has nowhere particular to obtain the information about the good or rather he buys the good frequently as a way of satisfying his needs. Basically, his argue to satisfy his needs forms the source of the information.
What factors do you consider when evaluating the alternatives?
Accessibility and availability deficits with iniquitous distribution have resulted to high prices for basic goods. As a result, there is existence of various alternatives in the quest for satisfaction of basic needs. According to the consumer interviewed, as much as the good he purchased is low-priced, sometimes he might be forced to go for high priced substitutes because of accessibility and availability. In other words, the concept of opportunity cost can be adopted, whereby the consumer goes for the next best alternative. The consumer claims that he can sometimes be willing to pay more in order to satisfy his needs. However, being a rational consumer he has to evaluate all the alternatives and goes for the best product that will satisfy his need considering price and his level of want.
How do you make you decisions and choice?
There is considerable evidence that many decisions originates from significantly rational expected-value models of choice. According to the Prospect Theory, there are several departures from strict rationality. The rational consumer tends to be relatively indifferent to small risks involved during the shopping process. If the consumer predicts a high-low retailer to offer a lower average cost of products that he/she typically purchases, he/she will prefer this shopping outlet compared to an alternative outlet which offers lower on-sale prices, but fails to provide deep sales to bring down average prices.
According to the interviewed consumer, he is willing to shop with certainty that while he might not be subjected to the best price available in the area at the time, the price he pays for the product is likely be considerably less than those offered at competing stores only offering low prices limited, relatively unpredictable periods in time. This is a fact because many sellers strongly indicate in their adverts that while no retailer can provide the lowest price on all times, they provide the lowest price on the overall basket of goods purchased. Therefore, the variable is the interest of the rational consumer. Considering all these factors, the consumer argues that his decision to buy the product was majorly influenced by the level of satisfaction he will receive.
Post decision process
Considering the fact that the good in question is a utilitarian good, the consumer does not have much to offer after the purchase or rather the consumption takes place. The consumer argues that he will come back for the good whenever he wants to satisfy his needs.
Work cited
Hawknis, Del I, David L. Mothersbaugh, and Amit Mookerjee. Consumer Behavior: Building Marketing Strategy. New Delhi: Tata McGraw Hill, 2011. Print.
This is a research paper based on marketing and branding
Title: Project Draft
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This is a research paper based on marketing and branding. It is aimed at helping new firms to choose their marketing strategy with examples of what other companies have done to earn their success. It contains both book view and personal view from the research. This paper will look into firms that provide marketing services and what they do differently from each other. The marketing field has had many entries by firms, which claim to provide the best services to their clients.
Marketing is what the whole company does to achieve customer preferences and as a result achieving its own goals. Marketing is composed of many elements from numerous subjects, areas and disciplines. For instance, economics, sociology, psychology, statistics, mathematics, politics and law all these affect marketing in one form or another. Marketing affects each one of us each moment of our lives even though we may not necessarily be conscious about it. Each moment in our lives, we are being marketed to in one form or another. According to the American Marketing society (AMA) 1948 “marketing is the performance of business activities directed towards an incident to the flow of goods and service from producer to consumer/user” (Clankie 2002). It involves all the activities involved in getting goods of all kinds including services from the hands of the producer to the hands of the consumer all the business steps through which goods progress on their way to final consumption is the concern of marketing.
A brand is a name, term, symbol, design or a combination of both which is intended to identify the goods and services of a seller or a group of sellers and to differentiate them from those of competitors. A brand is not a product. It is the product’s essence, its meaning and its direction, and it defines its identity in time and space.Involves decisions put forward to popularize a brand. A brand name consist of words, letters or numbers which may be vocalized or pronounced e.g. Sanyo refrigerators and are a combination of words to identify a product and also differentiate it from other products.
With that understanding of marketing, the paper will be easy to comprehend. Marketing as a service is a basic component, which many companies use for their growth. Firms that provide marketing services therefore cover a wide market. The industry is highly competitive; there is a high demand for marketing services due to the large number of companies that need the services.
The marketing industry is expected to experience more growth as more people move from formal employment to personal employment. In addition, the use of internet is expected to propel the growth of the industry with a wider geographical base. The marketing industry is an economy driver; this can be proved by the large amount of revenue it earns. From existing firms to upcoming firms, marketing services are widely sought for.
References
Clankie, S. (2002).A theory of genericization on brand name change. Lewiston: E. Mellen.
Keegan, W. J., & Green, M. C. (2005).Global marketing (4th ed.). Upper Saddle River, N.J.: Pearson/Prentice Hall.
Lehu, J. (2007). Branded entertainment product placement & brand strategy in the entertainment business. London: Kogan Page.
Lodish, L. M., Morgan, H. L., &Archambeau, S. (2007). Marketing that works: how entrepreneurial marketing can add sustainable value to any sized company. Upper Saddle River, N.J.: Wharton School Pub..
Pride, W. M., & Ferrell, O. C. (2008).Marketing (14th ed.). Boston: Houghton Mifflin Co..
Richter, T. (2002).Marketing mix standardisation in international marketing: an empirical investigation of the degree of marketing programme standardisation in German companies and its internal and external correlates. Frankfurt am Main: Peter Lang.
Walvis, T. (2010).Branding with brains: the science of getting customers to choose your company. Harlow: Financial Times Prentice Hall.
This is a proposal to introduce the idea of putting in place a catering service at the sweet plate in down town
Business Proposal.
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A business proposal is one of the routes in sales. It is an offer written by a seller to a particular purchaser informing the client of the goods or services being offered by the seller and also detailing the financial and marketing strategies in place for the prosperity of the business. It is a first step of a seller creating a rapport with a prospective client. According to Jane (1995), ‘it’s a persuasion.’
This is a proposal to introduce the idea of putting in place a catering service at the sweet plate in down town. Stallion recipes have been requested to propose a program of service delivery and appropriate recipes to be served at the sweet plate restaurant. This service will allow the sweet plate to directly increase its sales and therefore their profits at large, improve on the services offered and the efficiency with which such services will be offered to its clients at large. This service will also increase the recognition of sweet plate to the community and its entire environs. Breakfast must be served from six o’clock in the morning, every day of the week; snacks must be available throughout the day, though with an advance request of about 30minutes by the customer. Dinner will be served as from seven o’clock in the evening with special delivery upon request by the customer. There shall be no addition to the existing catering and managerial staff.
At first the main target shall be the kind of foods that will be offered at a particular time of day or night and the quality of the food served to the clients. Later on the focus will be on the delivery service that is to be started to ensure ease of access to the services of sweet plate to the customers who have a tight working schedule or who would just like to indulge in the sweet plate foods in the comfort of their homes or offices. The lunch menu should be similar to the dinner menu although the dinner menu should not have snacks as part of the menu. The dinner menu should have a minimum of a three course meal while the other meals can comprise of only one dish as a client shall prefer.
The catering should be full service with attractive catering presentations. This will slightly raise the cost of service provision but will pose no financial risks because the increase in the quality of service will be proportional to the charge for the service offered and the quality of service will definitely lead to an increase in the number of customers. Flyers which shall be inserted in the dinner and lunch menu to create awareness to potential clients shall be provided to you at no extra cost with table toppers for ease identification of tables shall be provided at a reduced price. With these improvements there is no financial risk with only a little extra cost for the table toppers and new linens for the aesthetic value to be added in the restaurant.
Stallion recipes are a fast growing restaurant improvement service company that is strongly involved in the reconstruction of restaurants and provision of world class caterers. With one hundred restaurants that have been improved in the last two years we guarantee quality services and quality staff too. We will offer services like preparing the menus for your various meals, reconstruction and decoration of the restaurant to the modern day look, of outfits to be worn by your caterers during work and also provision of quality staff to work on either a contract or permanent basis. We also provide table linens, table toppers and flyers at a price dependent upon our agreement, which in your case the flyers shall be provided at no cost and the table toppers at a reduced price. We also provide marketing strategies for clients to ensure prosperity of their business and also recognition around the community. Our marketing proposals depend upon the needs of our client and the kind of impression our clients would like to put forward. You shall therefore give us your desire on the marketing effect you will like to put forward and we shall gladly put it in place.
For the kind of restaurant sweet plate is we suggest a complete renovation of the whole restaurant to give it a new modern look with the addition of extra decorations to give it the attractive look. An investment in brightly colored linens for the tables and a brighter shade of wall paint will give it a completely new look that will definitely attract all passer-by to sample your sumptuous meals. This will mean a slightly higher cost at start but in the long run it will all be worth because there will be a sudden increase in the number of customers visiting the restaurants yielding more in sales and therefore a higher profit than before. We also suggest a refresher course of your caterers to equip them with the knowledge and skills to attend to customers better. Consideration of provision of unique but natural and balanced meals will attract more customers to your restaurant. This will present your restaurant to customers as an exotic place to be identified with. We also suggest offering formal catering services to customers who will attract corporate to hold functions in your restaurant or even use your catering services during their business functions. Formal services also, though slightly expensive, will open up your restaurant to a higher cartel of customers who will prefer such a place for both social and business functions that are well a part of their lifestyle. A final improvement to your business that we deem important will be change of menus for different times of meals, that is, a different menu for breakfast, lunch and dinner; a different menu specifically for snacks will also come in handy when it comes to catering for corporate customers.
Finally, we offer marketing suggestions depending on the type of client we have. For your type of business we suggest a marketing plan that will reach directly to the customers. Insertion of flyers in the dinner and lunch menu will enable you reach out to potential customers who may not necessarily have heard of sweet plate before. We also suggest putting up posters in the neighborhood of the restaurant to advertise it to the people working and living around these places. Holding events for both social and business functions will also create awareness of sweet plate to a larger number of people simultaneously. Such events bring people from far and wide and therefore create a much better place to market the sweet plate restaurant to people who would have otherwise not known anything about such a restaurant because of their distance from this place. We have found our marketing analysis to work as is evident of the many other restaurants that have contracted stallion recipes for our services.
In conclusion we can say that contracting our services will lead to an improvement in both your turn over in terms of customers and profits. We will do our best to ensure the prosperity of your business and also the diversity of the business to ensure quality service delivery.
References
Jane, Fraser. (1995). Professional proposal writing. England: Gower publishing limited.
Stephen, B., Shiring. (2000). Introduction to Catering: Ingredients for Success. U.S.A: Thomson learning Inc
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Joyce, Weinberg. (2007). The Everything Guide to Starting and Running a Catering Business. USA: Adams media.