MP portfolio Option - Consumer Behaviour PDF

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SCHOOL OF Business

ASSIGNMENT COVER SHEET STUDENT DETAILS Student name: Keshav Bathla

Student ID number:

20478621

UNIT AND TUTORIAL DETAILS Unit name:

Marketing Principles

Unit number:

Tutorial group:

Tutorial day and time:

Lecturer or Tutor name:

200083 Thu 9:00

Mrs. Saman Sadiq

ASSIGNMENT DETAILS Title:

First Submission – Option 1: Consumer Behaviour

Length:

Due date:

6:00pm

Home campus (where you are enrolled):

Date submitted:

22/08/2021

Parramatta City

DECLARATION I hold a copy of this assignment if the original is lost or damaged. I hereby certify that no part of this assignment or product has been copied from any other student’s work or from any other source except where due acknowledgement is made in the assignment. I hereby certify that no part of this assignment or product has been submitted by me in another (previous or current) assessment, except where appropriately referenced, and with prior permission from the Lecturer / Tutor / Unit Coordinator for this unit. No part of the assignment/product has been written/produced for me by any other person except where collaboration has been authorised by the Lecturer / Tutor /Unit Coordinator concerned. I am aware that this work will be reproduced and submitted to plagiarism detection software programs for the purpose of detecting possible plagiarism (which may retain a copy on its database for future plagiarism checking). Student’s signature:

Keshav Bathla

Note: An examiner or lecturer / tutor has the right to not mark this assignment if the above declaration has not been signed.

Option 1 : Consumer Behaviour a) This report explains about the decision-making process which illustrates buyers to consider the steps that will help them to make appropriate decisions about their purchases. These steps include need recognition, information search, evaluation of alternatives, purchase decision and post-purchase decision (Armstrong 2018). However, it is vital for buyers to follow the whole decision-making process especially in difficult purchasing scenarios as nowadays in the dynamic environment of the market there are many considerations that a buyer can take in.

b) The steps involved in the buyer decision process for Gen Z segment are:Need Recognition It is the step where buyer realise the need for purchasing the product (car) either through internal or external stimuli. The population of Gen Z are very focused about their purchases. They prefer characteristics and influenced by its design and convenience.

Information Search The search for information depends on the extent of satisfaction of buyers and information that can be gain from personal, commercial, and public sources (Armstrong 2021). However, before making any decision of buying they consider undertaking research online like checking reviews, retailer ratings (Tai 2019) and looking for more features

Evaluation of alternatives Evaluation of alternatives means consumers will prefer more alternatives to the products to make a right choice especially with luxurious items like cars. For Gen Z, they are more inclined to car which is cost efficient with safety features and add value to their lifestyle.

Purchase decision Buyers make the purchase decision with most preferred brand (Armstrong 2021). Therefore, with cars Gen Z more likely to buy a car which is well established including automotive technologies at reasonable price.

Post-purchase behaviour Post-purchase behaviour of the consumer relies on consumers expectations and product’s perceived performance (Armstrong 2021). The population of Gen Z will be satisfied if the model of the car meets their expectations which are priorities with safety, comfort and both cost effective and well designed. With using technology, if buyer (Gen Z) expectations are not met regarding model of the car then it can create cognitive dissonance among them that can affect negatively on the reputation of the company in the market.

c) For Gen Z as a marketing manager I will recommend Small i30 Sedan. I have suggested this model as this model consists of all the features that people of Gen Z are looking for in cars like automotive technology, well established brand in the market cost efficient and fuel efficient. Therefore, i30 Sedan ranges from $28,000 to $35,000 which is affordable for Gen Z as their disposable income is between $55k to $95K consists of multimedia touchscreen display with Apple and Android and fuel efficient (Hyundai Group 2021). So, this model of car is well suited according to the expectations of the Gen Z.

Referencing Hyundai group website, viewed 20 August 2021, . Armstrong, G, Adams, S, Denize, S, Volkov, M, Kotler, P, Principles of Marketing, Pearson Australia, Melbourne, viewed 20 August 2021, Net Library database. Tai, A 2019, Don’t Worry About Millennials - Here’s How To Win Over Gen Z, viewed 20 August 2021, ....