Attitude, Preference, and Buying Behavior Related to the Consumer - Assignment Example

BUSINESS DECISION MAKING By The of the The of the School The and where it is located The Date Contents Contents 2 About us 4 TASK 1 5 Task 1 a: Primary Research for Decision Making In Business 5 In relation to collecting primary and secondary data for decision making in business, I will plan and carry out a research to determine the consumer profile, preference, attitude and buying behavior related to the consumer drinks using primary research. I will explain the data collection methods used, including sampling techniques as well as the pros and cons. in section B I will plan and carryout a secondary research to collect market related data such as the size of the market for consumer drinks, competitors, market structure, and market shares or key players. I will create a plan for the collection of primary and secondary data for given business problem and present the survey methodology and sampling frame used as well as design a questionnaire for a given business problem. 5 Objectives- Primary and Secondary 5 Introduction 5 Samples used 6 Limitation of sampling 7 Task 1 b: Secondary for Decision Making In Business 8 1.2.1Research Approach 8 1.2.2Business option planning 9 1.3Questionnaires (Tick one) 9 Figure 1 : Purchases by People 10 TASK 2 11 Measurement Instruments 11 Value of Information to Management 12 2.2Analysis Techniques 13 Competitor Analysis 13 Consumer Trends 13 2.3Correlation on various brands and how it is used to draw meaningful 14 TASK 3 15 Figure 2 : Purchases by People 16 Figure 3: Frequency of Drinking 17 Figure 4: Preferred Quantity 18 Figure 5: Medium of Awareness 19 Figure 6: Preferred Shopping Place 20 TASK 4 20 In relation to software- generated information and using to make decisions in organizations. I will develop and present a project plan for the development of the new product based on the above information to the senior management. The plan will include resource allocations, including project, costing business analysis based on the projected revenue allocations, and cash flow, and other supporting evidences regarding financial viability of the project. I use appropriate information processing tools and prepare a project plan for an activity and determine the critical path. I will also use financial tools for decision making. 20 Task 4 a: 21 Summarized Report to be submitted to the Management 21 Executive Summary 21 Recommendations on the new fruit based juice 21 Recommendations based on the analysis 22 Task 4 b: 22 Conclusion 22 Reference List 25 About us We are a fruit juice bottling organization in the greater London, UK region that began as a family-owned and operated company and remains one to date. This great tradition began with Dad Joe who passed the mantle to today’s current owners Chris, Joe Mike, Danny, and Pete. Established in 1947, Indiana Clean Fruit Company has expanded to consist of a fleet of over 100 refrigeration trucks serving over 10 states in and around the Midwest area, three facilities occupying over 200,000 sq ft space, and more than 50 decades of produce excellence. In 1997, Indiana Clean Fruit combined functions with another Indianapolis-based produce organization, Piazza Produce. Today the both the parent and its branch organizations work in tandem to offer both the meal service and retail shop industries with fruit, vegetables, dairy and floral produce. Piazza Produce handles the meal service distribution while the rest of the retail shop distribution is carried out of the Indiana Clean Fruit service. Our mission, as stated in our tag line, is to “produce a Crisp Fresh Experience.” This declaration is our shining guide as we focus on emerging as market leaders. It distinguishes our organization from other market players. It clarifies what we do each day. It shows clients what we offer and exemplifies our uniqueness. It informs our actions, daily performance and helps management form decisions and priorities. The aggressive competition all around us requires that we continually distinguish depending on the flexibility, variety, service and our belief in our ability to aid you, the retailer, in increasing sales and maximizing profitability(Albright et al 2010, p. 67). These undertakings will help all of us to balanced out and compete in a price-influenced environment via a strong value proposition. TASK 1 Task 1 a: Primary Research for Decision Making In Business In relation to collecting primary and secondary data for decision making in business, I will plan and carry out a research to determine the consumer profile, preference, attitude and buying behavior related to the consumer drinks using primary research. I will explain the data collection methods used, including sampling techniques as well as the pros and cons. in section B I will plan and carryout a secondary research to collect market related data such as the size of the market for consumer drinks, competitors, market structure, and market shares or key players. I will create a plan for the collection of primary and secondary data for given business problem and present the survey methodology and sampling frame used as well as design a questionnaire for a given business problem. Objectives- Primary and Secondary Primary Research Objectives To establish the profile of the consumer, attitude, preference and buying behavior related to the consumer. Objectives cover the type of data that this research will spawn and the way in which this data will be relevant. A declaration of value of details is also involved in this area. Introduction This analysis is designed to discover the various aspects informing the customer’s opinion while purchasing a fruit drink that is similar to the one we are planning to produce and that is of health-conscious consumers. A declaration of value of details is also included in this area. Research approach gives a non-technical analysis of the data collection method, statistic devices used, sample, and analytical techniques. Various brands are trying to capture market share. So competition is cut-throat. Due to changes in the beverage industry, there is a need to research and assess the factors that come into play and determine consumer-purchasing patterns (Bowerman et al. 2010, p. 45). This study is planned to discover the aspects guiding the consumer decision during the purchase of fruit drinks in the wider London region. In inclusion, the analysis investigated the circumstances that drive the consumers purchasing choice. Moreover, due to the pressure exerted by competitors, there is an essential to resolution the awareness levels for the channels of distribution for the drinks amongst the end-user. The data selection techniques used: The analysis was able to collect in major details the fresh-fruit based consumption that the control of the organization is willing to create as one of their produce. The following are some of collection methods and techniques that the coursework analysis used to collect the raw data The analysis carried out face-to-face discussions with the consumers on their preferred choice of fresh-fruit drink in the light of the shift towards health conscious consumers in differing sections of London. This included the skilled and non-skilled residents from various parts which were sampled out in the exploration. Sampling proved to be effective in finding the right decision of the company regarding the fresh fruit juice to be introduced. Samples used The sample targeted 50 fruit drink buyers. The coursework analysis tried to balance the ratio of men to women in the samples. The main target demographic was young adults mainly of college-age who, in recent time, are perceived to be more health conscious and are looking for a healthy drink (Kmetovicz, 1992, p. 112). Also targeting consumers of this age is a superior way of creating brand loyalty and maintaining it over time. This demographic is also more likely to try out new product and due to brand loyalty and recognition, more likely to buy and stock a certain brand for their future families. Buyers who consume fruit drinks are better able to respond to the questions regarding the informing factors that contributed to their purchase and consumption. The responses gathered from the internet have also been very valuable in the analysis (Niu et al. 2009). Limitation of sampling The primary limitation will be the sampling performed. It will be in a random manner and number. The information might not be a delegate of the whole population. The statistical techniques have been used and conclusions drawn with as few assumptions as possible and only when required. Respondents might not response correctly due to following reasons (Stern et al, 2005): Ignorance The participants might be unaware of the subject of the interview. To obscure their lack of awareness, they tender inaccurate responses. Inability to recollect This is caused by memory decay. Omission The interviewee could be unable to remember if an occurrence actually happened. Telescoping This is when the interviewee thinks that a meeting that happened in the past happened more recently. Creation This is when an interviewee feels like the occurrence might not have taken place at all. Inability to verbalize This might be due to an inability by the respondent to verbalize on motives of buying. Due to the conditions prevalent in this cutthroat competitive market, there is a need to identify and evaluate the reason for the preference of one brand over another and the prevailing consumer purchasing patterns. This exploration aim to establish the issues affecting the buyer decisions while purchasing fruit juice drinks. Task 1 b: Secondary for Decision Making In Business 1. Secondary Research Objective To gather market interrelated information for instance the market size for consumer drinks, competitors, market structure, and market shares or key players. 1.1 Plan for the of primary and secondary data collection The data that this research plans to generate: The prevalent trends in this market segment The potential market size founded on a firm market potential analysis. Financial viability of introducing this new product. 1.2.1 Research Approach Data Collection Methods a) Secondary Research Secondary data has been gathered to help calculate volume of sales regarding markets in beverages, fruit drinks, each of the manufacturers and the placement of each of them. b) Survey Research Data was brought together from respondents using set of questions. A set of questions was circulated in colleges and individuals on the street. The analysis in the coursework shared the surveys outside the stores to collect details from individuals who had come to visit there. The analysis created an online set of questions, distributed it online, and gathered the results from those. 1.2.2 Business option planning This venture is designed to discover the various aspects impacting end-user decision in development a of a fruit drink for the health-conscious end-user in the larger areas of London Background covers the various points that have led us to undertake this research and how and to whom this review will be of benefit. The juice drink, fruit juice and smoothies market in the UK is valued at £5 billion (Heath et al., 2011). Though the significant portion of the market is still commanded by the fizzy soda drinks, there is a significant shift in favor of the juice segment. The all round growth of 11% in both volume and value sales was experienced in grocery (Greenhalgh, 2001. P. 3). The convenience channel sales peaked at 15% making this sub-segment one of the fastest growing. Over a third of buyers intimated that they would consider buying more juice drinks if the price was not so high. Following this growth, many brands are looking to curve out a piece of the market share (Johnson et al. 2003). 1.3 Questionnaires (Tick one) I. Whom do you buy fruit drinks for? a) Myself b) Family c) Friends d) Institutional purposes/ social occasions II. How regularly do you have a fruit drink? a) 1-3 times a week b) 4-6 times a week c) More than 6 times a week d) Rarely (Above 6 weeks) III. What quantity do you usually prefer to buy? a) 200-250 ml bottle b) 300 ml bottle c) 500 ml bottle d) 1 liter bottle IV. Through which medium did you come to know about your preferred fruit drink brand? a) Hoardings and Banners b) Newspaper and magazines c) TV/Radio d) Word of Mouth e) Others V. Which is your most chosen/preferred place for buying any kind of fruit drink a) Retail store/ grocery store b) Supermarket c) Shops/Kiosks d) Restaurants e) Travel f) Others Figure 1 : Purchases by People The above shows how the populace, particularly the college-aged students, purchases the fruit based drinks that are already in the market. It shows there four main categories who consume the fruit-based drinks: students themselves, family and relatives, friends of the respondents and also social events that take place. TASK 2 In this task, I will relate understanding and analyze data for business decision making. I will also use appropriate techniques to analyze and summarize the data collected from primary and secondary researches. In this case, I will specifically use dispersion, correlation coefficient analysis, and quartiles and percentiles. I will then crate information for decision making by summarizing data using representative values as well as analyzing the results to draw valid conclusions in a business context. I will also analyze data using measures of dispersions to inform a given business scenario and plain how quartiles, percentiles, and correlation coefficient are used to draw useful conclusions in business context. 2.0 Analyzing and understanding data Measurement Instruments The statistic device in the set of questions was a five point Likert scale (National Research Council, 1982). Apart from particulars concerning their option of the drink for stimulants, their regularity of visits and the channels they chose, their spending patterns was also be mapped. The data was gathered and put in MS Excel. The statistic was designed to get a fair idea about the various features and performed factorial analysis of the essential features. Value of Information to Management This analysis is designed to produce details on various aspects impacting the end-user decision during the purchase of a fruit drink. Companies can use this is data for determining the awareness levels of their specific brands in the fruit drink segment. Moreover, organizations can assess their placement and promotion strategies in accordance with the aspects impacting the choice of a particular fruit drink item (National Research Council, 1982). The information of factors is influencing the option of a guide that can be used to center on the growth of channels as well as in managing existing channels (Morato, 2013. P.4). This study also contains extensive based inclination on purchaser profile, responsiveness levels, custom patterns and fruit juice drink grouping as a whole, and that which can be utilized to inform projections about the long-term health of your business. 2.1 Information for decision making The following factors for decision making were identified during factor analysis: - Factor 1: wellness and hygiene 1. Package cleanliness 2. Nutrition Value 3. Expiry Date Factor 2: Media Influence 1. Promotional schemes 2. Brand value 3. AD Frequency Factor 3: Convenience 1. Range of flavors 2. Availability Factor 4: Product features 1. Price 2. Flavor Factor 5: Packaging Design 1. Visual product packaging 2.2 Analysis Techniques The analyzing techniques used have been on SPSS and the assessments were performed to ascertain the aspects impacting the end-user’s decision while purchasing fruit drinks. Factor analysis was performed to identify, out of the thirteen (13) factors, which ones had the greatest influence in the purchasing habits of the consumers. I, ultimately, identified five (5) factors that have the greatest influence. The analysis also undertook correlation experiments and tests to discover out a range of reasons for acquiring any specific make of fruit juice drink. Competitor Analysis Currently, fruit centered fruit juice is the most purchased fruit juice among clients. Getting control of the fruit juice industry is now that a great deal more necessary owing to its high position (Ohsawa et al 2006, p. 66). Though many opponents are in the chase to show the way on the citrus fruit juice market, fruit centered focus should be on the quickly gaining organization Simply Orange. In the period encompassing 2009 to 2010, Simply Orange enjoyed a 10.1% improvement in sales (increasing $426 million from $387 million) and captured a 1.1% improvement in market share (Titshaw, 2009, p. 89). Consumer Trends Profound changes are happening, due to both the aging inhabitants and important pressure from exterior sources for clients to vary their standards of living and to get healthier. PepsiCo has impressive documentation of creating products that are allied with up and coming consumer inclination, Morningstar Inc. specialist Thomas Mullarkey wrote in a study note. Nooyi was attached PepsiCo in 2006 with an apparition to cultivate the firm’s comprehensive nutrition assortment into a multi-billion dollar dealing by 2020. PepsiCo, earlier in March, proclaimed it has amalgamated with Germanys prime diary firm (Theo Muller Gmbh) to launch a $206 million yogurt manufacture plant in New York, which made Pepsis as a first step in entering the United States dairy marketplace (Lafuente et al 2012, p. 45). Nevertheless, the company is already at hand in the dairy business in Russia throughout its $3.8 million acquirement of the countrys prime diary corporation (Wimm Bill Dann Foods) in 2011. The agreement is PepsiCos largest ever deal outside of the United States. Over the past decade, Pepsis good for your information has expanded to $13 billion dollars in annual item sales from $2.2 billion dollars as clients increasingly demand tasty and nutritional foods and drinks. Its focal point on healthiness and wellness ought to maintain in drive to the pinnacle, says S&P analyst Kwon. Health continues to be an issue within the soft drink classification, with potential to generate value item sales in the marketplace (Schotter, 2008, p. 134). For example, almost three in five, smoothie consumers believe the fact that they are willing to pay more for the consumer with higher fruit content while a third believe the fact that it’s value paying more for fruit juice with advantages, featuring the importance and prospective of developing more healthy versions in the marketplace. 2.3 Correlation on various brands and how it is used to draw meaningful Correlation of various brands (i.e. Real, Appy, Tropicana, Slice, etc.) was done with various grounds for drinking such as enjoyment, refreshments, mental lift, vitality (Madura, 2007). The analysis tried to recognize a variety of reasons that are associated with diverse brands. This activity assisted us in recognizing the awareness and connotations of populace towards various fruit drink brands (Boone, L. 2010, 89). The following are outlined deductions that the analysis established after carrying out the association investigation. There was a major correlation involving brand Real and the following for drinking: Health Attitude Enjoyment There was a major correlation involving brand Tropicana and the outlined following motives for drinking: Attitude There was no correlation between brand Slice and the various reasons for drinking. There existed a major correlation involving brand Appy and the outlined motives for drinking: Socializing There was a major association between Frooti brand and the these reasons for drinking: Mental lift. Taste There was a significant correlation between other brands and the following reasons for drinking. Attitude Basic Thirst. TASK 3 In relation to producing and presenting data in appropriate format for decision making, in this task I will prepare a report in appropriate format using the information derived from the above analysis in order to present to the senior management. The report will include tables, graphs charts and other appropriate methods such as trend lines along with good interpretations. I will produce graphs using spreadsheets and draw valid conclusions based on the informational derived and create trend lines in spreadsheet graphs to assist in forecasting for specified business information. I will then prepare a business presentation using software and techniques to disseminate this data. 3.4 Produce a formal business report. This task gives illustrations on the whole report. It presents graphs and pie charts used 3.0 Illustrations: Graphs and Pie charts The following graphs and pie charts show the extent of the market and its responsiveness on the new fruit juice product which is to be introduced by the company as soon it is approved. Figure 2 : Purchases by People Figure 1 above shows how the populace, particularly the college-aged students, purchases the fruit based drinks that are already in the market. It shows there four main categories who consume the fruit-based drinks: students themselves, family and relatives, friends of the respondents and also social events that take place. The analysis, as shown by the pie chart, shows that college-aged populace buys drinks for themselves while their families come in second place. Friends and social events category are not majorly focused by the respondents. The company is, therefore, encouraged to sell a new product to college-aged students who are a better market for the new fruit-based juice. Figure 3: Frequency of Drinking Figure 2 indicates the frequency within which most drinks that already in the market are purchased. Most of the respondents purchase the fruit juices in the market in the one to three week period. After the three weeks, the purchase declines drastically. This analysis signifies that the market is stable each week since, in every three weeks, the juice is mostly bought. According to this analysis, the company is advised accordingly, to maintain the verified levels of purchases so that the market is not left short of a new juice. Figure 4: Preferred Quantity In the analysis and as indicated by Figure 3, most respondents, prefer the 300ml bottle as compared to others, the 300ml bottle is by far and as regarded by the respondents as more portable, cheap and enough quantity. The bottle finds itself in the last place as the least preferred. The company is encouraged to produce and use the300ml bottle which is mostly preferred in the market. Figure 5: Medium of Awareness The pie chart above in Figure 4 shows that most populace gets to know of the new juices and fruit based products through the word of mouth. Banners are the least mode of awareness of new products. Though, newspapers, magazines and TV/radio also pay part of the marketing the sale of new products, the company is advised mainly to use the “word of mouth” mode as marketing tool of the new fruit juice. Figure 6: Preferred Shopping Place As shown by graph in Figure 5 above, most respondents buy their juices in the supermarkets while in the retail and grocery stores come in as the least shopping place. Though the other shopping places (retail and grocery stores, shops/kiosks and restaurant), the Company is advised to mainly stock its products in the supermarkets to ensure effective sale of a new fruit juice. TASK 4 In relation to software- generated information and using to make decisions in organizations. I will develop and present a project plan for the development of the new product based on the above information to the senior management. The plan will include resource allocations, including project, costing business analysis based on the projected revenue allocations, and cash flow, and other supporting evidences regarding financial viability of the project. I use appropriate information processing tools and prepare a project plan for an activity and determine the critical path. I will also use financial tools for decision making. Task 4 a: Summarized Report to be submitted to the Management Executive Summary The new fruit based juice to be introduced in the market has a widespread advantage on the various brands of juice and to the company as a whole. Today, a new fruit based juice intends to recuperate their territory of existing as the most healthy and pure orange juice in the greater part of London area and the whole world as well (Morgan eta l 2010, p. 77). By focusing on London areas, a new fruit based can take advantage of on their juice being the healthiest option for a health cognizant youth at a price that is as well reasonable. By centering on these young men and women in London, the company will hope to amplify its transactions in the short‐term and its marketplace share in the long-term (Vermeulen, 2010). As London populace begins to make preferences and brand relations on their own, they will eventually decide the new fruit based juice as their go‐to acquire for their families in the future. Recommendations on the new fruit based juice The target market: the company will target college‐aged students who survive a fast-paced lifestyle and need a vigorous option to stay re-energized all through the day. The marketing objective of the company: a new product should increase transactions, as well as marketplace share, by mounting and leading a new position market of college aged students. Marketing Purpose: the company is targeting to increase and promote a new package for the fruit juice that is diminutive, suitable, and reasonable. Communication Goal: the new product ought to make students aware that the new juice is the go‐to juice when it comes to refreshing themselves on the go. The firm will make it all possible awareness on this. Communication Objective: the product is supposed to convince consumers that energy drinks are an expensive, harmful loom to making it throughout their day. Drinking the new juice will barely save their money but also it enhances their body and their day. The single most and key consumer take away is that our most important takeaway is that this market wants a moveable way to refresh in a healthy and reasonably priced way. The operation must be focused on the solitary serving container and its portability. With new, sleek wrapping of the handy containers. Recommendations based on the analysis The company is advised accordingly to: Sell the new product to college-aged students who are a better market for the new fruit-based juice. Maintain the verified levels of purchases so that the market is not left short of the new juice. Produce and use the300ml bottle which is mostly preferred in the market Mainly to use the “word of mouth” mode as marketing tool of the new fruit juice. Mainly stock its products in the supermarkets to ensure effective sale of a new fruit juice. Task 4 b: Conclusion Based on the data collected and the tests conducted, the analysis arrived at the following conclusions: With the illustration of the graphs, the coursework found that most the people buy soft drinks for themselves and the frequency of drinking is high between 1-3 weeks. Also, the preferred quantity of bottle is 300ml of the soft drinks and widely known through banners and found majorly in kiosks. With the aid of correlation, the analysis carried out was competent to recognize the characteristics that clients correlate with the different fruit juice drinks and that which drive their buying decisions for the same.For example, Tropicana is connected with enjoyment and health whereas Apply is related with socialism (Buytendijk. 2010, p. 60). These replicate the discernment of the different fruit juice drinks in the mind of consumers. In factor analysis, the analysis found out five matters, which chiefly have an effect on the acquisition of a fruit drink. There are two factors, which did not have any major impact. In addition, the analysis found that the most preferred channel for purchase in retail stores In the US Empire, the name(s)of the fruit preceded by fruit juice can only legally be used to give details of an item that is 100% fruit juice, as needed by the Clean fruit juices and Clean fruit Nectars (England) Rules and the Clean fruit juices & Clean fruit Nectars (Scotland) Rules 2003 (Ferrell et al, 2014. P. 32). Nevertheless, a fruit juice fashioned by re-constituting focus can be called fruit juice. An item depicted as fruit "nectar" ought to encompass at least 25% to 50% fruit juice, depending on the fruit. A nectar or fruit juice including focus must state that it does. The phrase "juice drink" is not clear in the Rules and is able to be used to clarify any consumer which includes fruit juice, (Gilliland, 2010. P. 76). Equivalent rules pertain in every EU associate and declared in their specific languages. Common techniques for processing and maintenance of fruit based juices consist of canning, pasteurization, focusing, cold, water loss, and spray drying (Hill, 2009, p. 56). Fruit juices are frequently taken for their recognized wellness benefits Fruit juice spending overall in Australia, New Zealand, Europe and the US has amplified in contemporary years, possibly due to communal awareness of juices as a vigorous ordinary basis of nutrients and enlarged communal concentration in health care matters. Certainly, fruit juice drinks intake has been time and again connected with lowered risk of many malignancy types that can be shielding against delay and stroke the commencement of Alzheimers disease. This fruit juice drink should be marketed fresh-fruit no preservatives. Clean fruit juice in average amounts can help children and grownups meet everyday suggestions for fruit consumption, nutrient consumption, and calories (Lussier, 2008). 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