Unit 37-LO3 Evaluate how marketers influence the different stages of the decision-making process (B2C and B2B)-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

B2C is the marketing strategy for business-to-consumer companies. B2B is the marketing strategy used by businesses to sell products and services to other businesses.

Marketers influence customers in four ways at each stage of decision-making: awareness, preference, purchase intention, and purchase.

As marketers change how they interact with different audiences on social media channels like Facebook or Twitter, for example, this influences the customer’s experience which then changes your opinion of their product or company.

As for which strategies are more effective than others…it all depends on who you ask! Some marketers will say focus groups produce the most actionable information whereas other experts might report that quantifiable data collected through surveys is more useful to have.

Also Read: Demonstrate the ability to map a path to purchase in a given category, including the decision-making process

Approaches to consumer learning:

Behavioral and cognitive: Influence of culture and sub-culture on consumer behavior

Behavioral and cognitive psychologists are interested in the ways our environment affects our behaviors.

Culture does have an impact on consumer behavior, but not as much as many marketers would like to believe. Consumer behavior is mainly confined to personal values, consumption levels and habits, and lifestyle factors. For the most part, national culture only has a small effect on consumer behavior.

One study found that self-reported income was more closely related to individualism than in countries like Mexico or China where collectivism of social orientation has a stronger influence. Values are also linked those with grandiose narcissism showed stronger shopping intention in North American cultures than societies where individual concerns are secondary.

Patterns of buyer behavior

The purchasing behavior of customers depends to a large extent on the needs, preferences, and tastes of consumers who ultimately purchase products/services for them. Many models will affect customers’ buying behavior:

Place or the Location of Purchase: Many customers like to buy their favorite products by visiting various stores in different locations to compare prices and offers. Therefore, customers will not maintain their loyalty to a single store for a long period of time. Retail stores should attach great importance to the location of the store, determine nearby distributors, and the nature of the goods, and the availability of inventory.

Type and quantity of products to be purchased: This essentially means analyzing the type and quantity of products that customers want to purchase. This will depend on factors such as:

• Customer’s purchasing power
• Product perishability or durability
• Availability of product selection
• Customer’s requirements for products
• Whether the product is sufficient or short of product
• Product storage

Role of opinion leaders in influencing purchasing decisions

Opinion leaders play a crucial role in shaping the opinions of people who are influenced by them. They are able to produce a range of effects on attitudes and behaviors, including thought leadership, influence, persuasion, and sometimes self-marketing.

It is traditionally reasonably straightforward for opinion leaders to be instated due partly to the ability of these opinion leaders such as celebrities or expert scientists to transfer status from their position.

One major disadvantage with this type of leader is they are subject to emulation and can lose their persuasive power if the context shifts slightly. Furthermore, there is often wide disagreement in society regarding decision-makers; we have seen examples where an individual’s judgments can be counter-cultural values which create difficulty for them making decisions that would otherwise be uncontroversial.

How organizations use an understanding of buyer behavior to influence the decision-making process within both a B2C and B2B context

Your understanding of what your customer wants can dictate how you design your product. This is why understanding the buyer’s journey is an essential part of coming up with a new product or service, and one that many companies neglect entirely.

Understanding the buyer’s journey can guide both organizations in a B2C or B2B context to create highly tailored offerings for buyers with specific needs because they understand what stage people are in and offer products that will appeal to them at this point along their journey.

This could be anything from insights on who these customers are, what they do during browse sessions (which typically happen when people aren’t necessarily ready to buy), whether they read reviews before making a purchase decision (typically after people have narrowed down their choices and are more ready to buy) or even what they do before leaving the site, which is vital because people might be looking at your product as a solution but not necessarily planning on purchasing it.

By understanding all of this information about your target audience you can tailor products accordingly and determine where you should be focusing marketing and sales efforts.

The use of digital audience research developments to understand and influence consumer behavior

Digital audience research developments are one of the most sought-after market trends for this year. This is because they help organizations with understanding and influencing the behavior of consumers on social media, as well as figure out customer service issues and other strategic initiatives related to online behavior.

We have seen a huge increase in the importance and usage of digital audience research developments this year because it’s being utilized by all types of companies to understand consumer behavior on social media sites, customer service inquiries that happen through websites or apps, etc. The information obtained from these platforms will do very little good sitting hidden behind closed doors; it needs to be acted upon strategically so that the company maintains a strong standing among its customers.

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