Based on the scenario below, you are required to write a report. In this report you must demonstrate an understanding and application of various consumer behaviour concepts and theories by analysing the facts gathered from the video and the survey, and present strategic recommendations. You will be required to incorporate recent peer reviewed literature in order to justify your proposed recommendations.
Imagine that you have just been employed by the company you analysed in your earlier assessments.
You have recently learnt that the company’s customer loyalty has declined over the last year and that repeat purchases are at a historic low. You have now been asked to prepare a report outlining the issues you identified in your previous analyses, issues related to current marketing communications, and to provide at least three strategic recommendations to the board of directors, along with reasons for recommending further improvements, all of which must be based on scholarly sources.
Overview of the selected product
As discussed in the executive summary section, the company selected for discussing the consumer behavior is identified here as Lenovo. Lenovo is recognized as one of the leading brand in laptops, mobiles, mobile accessories and other related gadgets. The discussion in the report is mainly related to the Lenovo laptops. The brand Lenovo is a Chinese organization having headquarters in Beijing but is operating in other multinationals as well (Tulder & Verbeke, 2016). In the assessment 2, the survey is conducted for the marketing strategy on the wider level. The company Lenovo has been selected for the discussion to identify the specific consumer behavior towards the product.
The critical analysis on the product is identified as the phases through which consumer behavior can be identified at a wider level. There are various sub-sections described below which is helpful in providing the assistance for consumer decision making process, the factors which are basically affecting consumer behavior, assessment of current marketing strategy and strategy for marketing communication . The report concludes with few appropriate strategic recommendations.
Consumer Decision making process
The assessment 1 and 2 is helpful in providing assistance for making the work easier and comfortable. By identifying basic perspectives from both the assessments, the consumer decision making process can be identified. For managing the consumer decision making process, the steps are planned in a specific manner. These plans will be helpful in providing assistance for the improvement. The first step is the identification of product and reaction of consumer towards purchasing of the products. The thorough analysis on external and internal level is identified. By this actual product quality can be specified initially. The identification of the initial process and consideration of suitable purchase methods will be helpful in providing assistance in a definite manner. The last step for identifying the consumer behavior is post-purchase behavior and satisfaction. By this the level of satisfaction for purchasing products can be managed and identified (Cheng & Chien, 2013).
The coordination of all these policies and procedures will be helpful in identifying the most basic requirements related to the consumers. By identifying the basic needs related to the consumers, the strategy for sailing and purchasing can become easy. The level of competition is very high. The survival of new product is not considered as an easy task. For identifying all these aspects, it is essential to manage the consumer decision making process. The positive aspects of pursuing the study is that through the help of this, the consumer behavior can be identified
Factors Affecting Consumer Behavior
The consumer behavior is totally dependent upon the demographic and psychological behavior. Through this behavior, it could become possible to identify purchasing capacity of the consumers in the nearby areas. Apart from this, psychological characteristics are helpful in providing the assistance for identifying the psychological nature of the consumer, whether they purchase the product or not. The specific survey defines that the demographic features will create an impact on the purchase of the product (i.e. Lenovo). In the coming years, i.e. till year 2021, the gender specific life expectancy projections are expected to be improved. By this, selling and purchasing aspects related to the laptop can be improved on the wider level (Babacan & Baytekin, 2012).
In contrast to the cultural and social dimensions, the effects are visible in a clear and precise manner. Two levels of cultures are being identified on starting level. This culture process will be helpful in providing the assistance for immediate experimental and cultural level. For increasing the sale of laptop, the artifacts technology infrastructure is identified as the most important factor. By identifying this cultural aspect in detail, it becomes easy to implement the definite process on an organized manner. The social aspects and buying capacity of Australian people are also identified in the report. The chart for predicting different phases for cultural process is shown below. These charts will be helpful in providing the specific assistance for the process of improvement. These features may also be proved helpful in managing the products (Ramya & Ali, 2016).
Strategy for Marketing Communication
For promoting the media communication, marketing is considered as most specific tool through which improvement can be easily possible. The modification and updating on a website is identified as one of the most important tool through by which the development of the product can become possible. The marketing strategy is considered as a specific and remarkable aspect. The second phase is the support from print and advertisement media. By this, the maximum promotion can be possible. The identification of the market research and carrying out of suitable procedure will be helpful in providing the assistance for improvement. This will also be helpful in defining the actual market scenario.
Current Marketing Strategy
The increment in competition is continuously reducing the sale of the product. Due to this decrement in sales, the organization is simultaneously planning to follow a specific marketing strategy. This marketing strategy will be helpful in promoting the sale of laptops. The marketing strategy is defined with the help of suitable identification of the consumer behavior. Their present focus on an initial level is defined below. The first aspect is generating strong brand awareness. This will be helpful in providing the assistance for managing specific brand values. The strategy for marketing can also plan according to the local area and current living status. For example the Lenovo is employing different level of employees for each level, i.e. high, middle and low level as per the requirements. By managing the brand, they can be able to generate maximum profit from different resources (Kumar, 2012).
Apart from this Lenovo has also introduced the concept of focus and differentiation strategy. By introducing this, the sale of laptop can be improved by about 25%. There are various options and choice available in the market through which one can select a best option. In the context of pricing strategy, distribution can be kept on a different price range. But by following focus strategy, the customers’ demand of the IT industry can be fulfilled.
The third strategy is related to the Price and Product strategy. The price and product strategy also help in providing assistance for innovating new methods for development. The Lenovo continuously changes the specific strategy related to the product and prices. According to domestic sales executive Yang, the Lenovo can interpret basic aspects related to the organization. In this, the price can be identified according to the brand value, service value and physical value. On this basis, assumptions can be considered properly. Apart from this, the product strategy is helpful in providing assistance for different range and configuration of the products. The configuration and installation can be defined as per the usage of the different workers. For promoting basic perspectives, the company Lenovo has also introduced a different range of various small and micro laptops. By this, maximum profit can be generated on a large scale and Lenovo can be able to provide its assistance (Gluck & Walleck, 1980).
To manage issues related to the marketing, there are some strategic recommendations identified. These strategic recommendations are specific below.
Promotion through the internet and other E-mediums is one of the modern approach in which the product can be promoted in a focused manner. As the new joiner for the company, it is my moral duty to support the organization in a suitable form. According to the requirement of the organization, promotion for the brand can be done by designing different types of short ads and offers for the consumer. The online selling sites help in providing assistance for an improvement. The social networking sites also play an important role in increasing the circulation of the product. The internet also introduced various marketing communication sites, like Myspace.com, Twitter and other sites, through which the maximum promotion of the products can be done on a wide level. The technique which is named as RSS is also introduced as the new concept, which helps in providing assistance for communicating in a definite manner. The communication can become easier and wide with the help of these internet techniques (Singh, 2012).
Expansion of the public relation strategy is the second aspect through which sale of the products can be increased. The promotion in colleges and schools is also considered as one of the most suitable aspect, through which sale of the products can be boosted. The coordination and mutual cooperation for increasing the sale of products can be appreciated. The mutual tie up with different organizations for the bulk sale of products can also help in promoting sale of Lenovo laptops and accessories. The development of the comprehensive Pressroom and personal blogs for the development of laptops are also recognized. This will assist in improving the sale of the Lenovo products. The encouragement to the social press events and the publishing of the hard copy related to the organization will be helpful in providing assistance for improving the existing scenario associated with the organization. The new concept in social media is also introduced which is related to the identification of the photo gallery and the full fact sheets. This will aid in making strong relation with the buyers. There are various strong perspectives which can be focused (Baroto, et al., 2012).
The tracking system is identified as the system through which tracking and current status of the sale of the products can be identified. Development of tracking system for marketing strategy is identified as one of the specific method through which the product appraisal and market scenario can be identified. By this system, specific management and essentials can also be easily planned. The logistics and management of product can be identified with the help of tracking system. With local expansion, the international expansion is also emerging with a high speed. The international expansion will be helpful in providing assistance for managing the sale of the products. For tracking of the products, there are various softwares identified which can help in making the flow of work easier. Lenovo is considered as the brand for laptops. By providing a suitable tracking system for the customers, the development of a product can be done easily. The promotion of the products, demand of new models and different perspectives can be identified with the help of this tracking system. The tracking system will also help in providing strategy for the specific improvement (Yannopoulos, 2011).
By identifying the research shown above and implementing the applied research, it can be identified that the efforts and approach of Lenovo in reference to the marketing is outstanding and worth. The organization is continuously following the concept of improvement and successful improvement for the selling of the products, but sometimes these strategies are overruled because of some pitfalls. The identification of competition and management to find out the solution is considered as the most important point to be discussed. It is essential to focus on the consumer’s requirement on a wide landscape. The satisfaction of the customers can be identified on the basis of technological up-gradation. The introduction of the new gadgets and laptops will aid in providing assistance for the improvement in a framed level.
Babacan, E. & Baytekin, P., 2012. Product Placement as a Rising Marketing Communication Activity: An Assessment on Television Serials. Procedia - Social and Behavioral Sciences, October, Volume 62, pp. 1319-1331.
Baroto, M., Abdullah, M. & Wan, H., 2012. Hybrid Strategy: A New Strategy for Competitive Advantage. International Journal of Business and Management, 7(20), pp. 1-14.
Cheng, W. & Chien, Y., 2013. The Strategic Marketing Management Analysis of Lenovo Group, Available at: https://www.jgbm.org/page/19%20Wang%20Wen%20Cheng%20.pdf
Gluck, F. & Walleck, A., 1980. Strategic Management for Competitive Advantage, Available at: https://hbr.org/1980/07/strategic-management-for-competitive-advantage
Kumar, R., 2012. Impact of Demographic Factors on Consumer Behaviour - A Consumer Behaviour Survey. Global Journal of Enterprise Information System, Volume 10, pp. 1-13.
Ramya, N. & Ali, M., 2016. Factors affecting consumer buying behavior. International Journal of Applied Research, 2(10), pp. 76-80.
Singh, M., 2012. Marketing Mix of 4P’S for Competitive Advantage. IOSR Journal of Business and Management (IOSRJBM), October, 3(6), pp. 40-45.
Tulder, R. & Verbeke, A., 2016. The Challenge of BRIC Multinationals: Emerald Group Publishing.
Yannopoulos, P., 2011. Impact of the Internet on Marketing Strategy Formulation. International Journal of Business and Social Science, October, 2(18), pp. 1-7.
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