What are consumer insights? What types of business challenges can benefit from consumer insights? How are consumer insights obtained? The consumer insights usually helps firms to understand the notion behind consumer attitude, preference and belief for purchase a certain product among the basket of brands available in the market. These insight can be gathered from consumer surveys, both qualitative and quantitative in nature, which can help the company to gather data on the strength and weakness of the brand and product attributes that are associated with frequency of purchase and usage of the product.
Marketing stimulation which is linked to marketing mix (Price, Place, Product, and Promotion). In previous research, it is confirmed that marketing mix have significant impact to purchasing decision (Andotra & Pooja, 2007). 2. Other stimulation for example, economics, technology, law and political, cultural etc. al so influencing decision making Whereas personal factors, generally known as the Buyer’s Black Box (Kotler,1995).
How would these differences influence the process in which value are assigned to competing offers which are being compared? The motivation behind purchasing decisions made by businesses and consumers differ significantly. When organization purchase equipment, they plan to utilize them in ways that will help the business attain the set goals and objectives. The purchased items are strategically sought after as they play a major part in helping the organization generate value in ways that will help cover the costs incurred and increase the overall profit. On the other hand, the consumers buy products depending on their need and wants.
Variety Seeking Behavior and its Implications Variety seeking behavior is a wide topic in marketing literature and it is researched a lot about it. In simple terms, the presence of numerous varying brands of a similar product in a consumer’s purchase repertoire would be categorized under variety seeking behavior (Kahn, Kalwani, & Morrisson, 1986). There are two schools of thought which are popularly known for involving in variety seeking buying tendency. The first school of thought looks at this behavior which is variety seeking buying behaviour to be unexplainable in its nature. In the second school of thought, variety seeking buying tendency is explained in a other way as being a function of some other motivation (derived) or as a motivation