Marketing Principles Decision Making Process

Question: Discuss about the Marketing Principles for Decision Making Process. Answer: Introduction The following report evaluates the consumer decision-making process in the context of Woolworths Limited Australia. As such, this has helped the management of the business entity in the determination of the organization goals and the objectives of the business entity. Besides this, the report states the factors that shall have an impact on the consumer decision-making process of the management. The factors that can have an impact on the purchase decision process of the organization. Hair and Lukas (2014) mentioned that on the basis of the Maslows Hierarchy of needs, the requirements of the buyers can be identified. The report identifies the specific needs and the desires of the market condition that Woolsworth food products are able to satisfy. The main factors in the products of Wools worth Limited are healthy, nutritious. As such, these products attract a lot of consumer attention. However, it remains necessary to determine the consumer decision process in the case of the managemen t of the business entity. Woolsworth Limited Food products have achieved considerable market share in the domestic and the international market. Jobber and Ellis-Chadwick (2012) stated that the marketing strategies that has been implemented shall help the business entity in the development of consumer loyalty as well as achieve organization goals and objectives. Concerning the Maslow Hierarchy of needs, the brand fulfils one of the essential aspects of the model, which are the physiological needs of the buyers. The consumer decision process is one of the factors that shall determine the business growth and sustainability in the International market. Discussion The consumer decision-making process shall consist of various factors as well as the needs and the desires of the business entity. In this regard, it can be stated that the consumer decisions process shall consist of factors like consumer needs, desires and the range of products and the services offered to the consumers. Hollensen (2015) mentioned that the consumer decision process should have a considerable impact on the sales revenue of the business entity. The following steps shall be followed in determining the decision making process of the management of the business organization. Consumer needs - The consumer needs and the desires are the primary considerations in determining the consumer decision-making process. Thus, regular consumer feedback shall be gathered in the development of the organizational policies that shall be able to meet the consumer expectations. Market Trends - The market trends as well as the economic condition of the business entity shall have to considered in developing effective consumer policies. As such, this shall have an impact on the consumer decision process. Kotler et al. (2015) mentioned that market trends are subjected to the rapid changes in the international market. As such , the market trends shall have an impact on the consumer decision process of the management. Prices-The prices offered to the consumers shall have a considerable impact on the organization policies as well as the business strategies. In this regard, it can be stated that if the company determines reasonable prices, this shall have a positive impact on the morale of the consumer s. The four factors that can have an impact on the consumer decision process are the cultural, social, individual as well as the physcholigocal factors. These factors shall have a large influence on the decision making process of the buyers. The following factors have been explained in detail e below Cultural- The cultural attributes relate to the traditions, culture and the evaluation of the place. In this regard, it can be stated that the operational strategy of the place and would lead the business entity towards growth and sustainability. According to Rosenbloom (2012), culture is one of the factors that shall have an impact on the business processes of the entity. Social - The social characteristics of the place shall relate to the specific nature of the place. In this regard, it can be stated that the food products of shall relate to the operational strategies of the place. According to Czinkota and Ronkainen (2013) the social nature of the place shall lead the business entity towards organizational growth and sustainability in the international market. Armstrong et al. (2012) mentioned that the social characteristics of the place shall have an impact on the operational and the financial policies of a business entity. Individual There are specific individual characteristics of a place that would lead the business entity in the development of the goals and the objectives of the place. The specific attributes of the individual shall facilitate business growth and sustainability in the global market. Psychological The psychological attributes in a particular individual shall have an impact on the perception of the individual. In this regard, it can be stated that the Psychological attributes determine the choice and the preferences of the individual in the workplace. The food products from Woolworth Limited fulfill the psychological needs of the buyers. As such, Woolworth Limited is a reputed brand and has considerable brand reputation in the International market. Thus, the food products supplied by Woolworth Limited can be called nutritious and healthy. This fulfils the psychological needs of the buyers in consuming essential food products in the market. Woolsworth Limited Food products possess considerable brand name and reputation in the global market. Kotler (2012) mentioned that the food products shall have a considerable quality and has been able to satisfy the consumer demand over a large period of time. As such, the buying of food products belonging to Woolsworth Limited shall help to satisfy the psychological needs and desires of the individual. Besides this, it is necessary for an individual to facilitate organizational needs and desires in an intensively competitive market. Wools worth Limited has been able to fulfill the demand of the market through the establishment of a wide range of food products for fulfilling the demand of the market (Rosenbloom 2012). t. As such, the brand has proven itself over a period of time. As such, the psychological need is a major attribute in the context of Maslows Hierarchy of needs. References Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2012. Marketing: an introduction. Pearson Prentice-Hall, London. Czinkota, M.R. and Ronkainen, I.A., 2013. International marketing. Cengage Learning. Hair Jr, J.F. and Lukas, B., 2014. Marketing research. McGraw-Hill Education Australia. Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education. Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No. 7th). McGraw-Hill Higher Education. Kotler, P., 2012. Kotler on marketing. Simon and Schuster. Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015. Marketing. Pearson Higher Education AU. Rosenbloom, B., 2012. Marketing channels. Cengage Learning.