Leveraging Customer Demand Analysis for Business Success

TASK 2

P3

Customer decision-making methods is regarded as a model that provides assistance to states regarding how audiences are formulating their buying decisions. Mainly, its nature is non-linear which means that overlapping each other unnecessary decisions. Moreover, it is considered as an economic activities that satisfy the users as its demands are accomplished. This is also known as customers buying decision-making procedures that includes 5 stages. All the steps are discussed below:

• Needs recognition: Herein, the needs of users prevailing in the marketplace are observed. Thus, it is vital for all hospitality entities to ascertain the buyer requirements that assist them in attaining it in an efficacious way at a specific period and invent an appropriate strategy of marketing.
• Information research: This is regarded as the other step that is mainly concerned with accumulating information with respect to audience choices and preferences available in market areas. Thus, hospitality sector firms like Holiday Inn and others gather information by utilising a few sources such as public sources and many more.
• Evaluation of alternatives: Herein, the targets which are observed within the previous phase are assessed with respect to their characteristics in a bid to get negative as well as affirmative outcomes related to services, products and others. This stage is very essential for opting for effectual alternatives.
• Product or service preferences: In this stage, users make decisions regarding what to purchase as well as from which places. Herein, they exactly buy those goods or avail services that are needed for them. The needs of audiences are influenced through advertisements, promotions and many more. Thus, the hospitality sector has to facilitate attractive facilities for availing that.
• Outcomes: It is regarded as the last step of customers' decision-making methods in which users can able to examine, and assess the product or service satisfaction level. In case services which are formed accomplish the clients' desires then they become the loyal users. Thus, hospitality firms such as Holiday Inn have provided higher satisfaction levels to audiences efficaciously (Consumer Decision-making Process, 2019).

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Customer Map:

Hospitality entities are very much concentrated on facilitating higher satisfaction from audiences as a result of rendering standard quality services. Therefore, this is crucial for them to map a way in order to explained the procedures of customers mapping.

• Pre-purchase: This is affiliated with the determination of a hotel which can be rendered to needs regarding its arrangements such as dinner, party and others.
• Purchase:  Proper investigation is conducted related to the number of hospitality firms to find out the best hotels among those.
• Receive: This is associated with the receipts of services that are focused towards the holiday packages. This is considered as effective aspect to retain audiences for a long time.
• Post-purchase: This is affiliated with rendering assistance to audiences to assess services that oppose the desired standards, it aids in developing decisions regarding whether it is effective to comply with similar methods again or not. 

P4

At present times, there is maximisation into competitiveness which drives towards impacting the audience's decision-making regarding their products or services and brands. The attitudes of users are generally dynamic into nature in which their preferences, tastes and many more are modified as per that. With respect to the Hospitality industry, there is a huge competition level that impacts their enterprise profit and productivity (Olya, Bagheri and Tümer, 2019). Thus, hospitality entities like Holiday Inn have to observe the situation of the market to reduce risk to obtain a higher position. Some reasons are explained below:

• Technology influence: It is considered as an aspect that aids in enhancing competition as well as market share. For example: Holiday Inn have to adopt advanced technology in their hotel which will assist them in increasing their profitability as well as their share of the market. It can utilise technology for performing promotions such as web promotion and others to enhance the base of customers.

Apart from the above, there are a few models which help to facilitate direction to marketers for mapping out a path to buy products or service and know about the development of customers' decisions in the hospitality industry which are explained below:

• Emotional view model: It is essential for a hospitality firm like Holiday Inn to examine its targeted client's emotional views in an efficacious manner so that desired goals can be attained in the appropriate way.
• Economic view model: When audiences buy goods or use services before they do a proper examination of several brand prices as well as choose an effective one. Thus, marketers have to charge a reasonable price for their services to users.

TASK 3

P5

For an organisation, there are majorly two kinds of commercial transactions for satisfying the consumer's needs and wants in proper manner. B2B (Business to business) stands for the business entities that straight away sell the goods to the other business units (Altinay and Taheri,  2019). On the other hand in B2C (Business to customers), companies sell goods and services to consumers using the various mediators that help to reach at ultimate consumer.

There are some crucial differences between B2B and B2C commercial transactions as follows:

P6

Sustainability and gaining profitability are the foremost goals of an organisation, and for that, it is very important to collect the necessary knowledge and information regarding consumer taste and preferences to remain competitive in the marketplace for Both B2B and B2C markets (Hassanien and Dale,  2019).

The Market Research Approach in B2B

In respective kinds of commercial transactions the information and knowledge accumulated by using already available data and information that is known as a secondary source of information.

• Public records: In the context of Hotel Holiday Inn, public records are easily available to acknowledge the consumer taste and preferences, pricing of products, government regulations and many more that help in decision-making (Ivanov and Webster,  2019). 
• Government and non-government agencies: By collecting knowledge and information from the respective agencies as their working methods, pricing strategies and rules so that they can also develop such kind of abilities in their own business. So observing and evaluating the data of government and non-government agencies helps organisations in crucial kinds of decision-making.

Market Research Approach in B2C

Marketers for accumulating validated knowledge and information use primary sources such as questionnaires, personal interviews, observation and many more.

• The questionnaire is one of the most important kinds of tools for collecting knowledge and information that helps organisations in enhancing the consumer experience by offering products as per their desire (Kustos and et.al ., 2019. ). In the context of Hotel Holiday Inn by conducting a questionnaire they can be able to accumulate the information regarding preferences of consumers. 
• Personal interviews are also one of the best methods by which knowledge and information should be collected related to the industry.

Approaches of Consumer Learning

To understand consumer behaviour marketers commonly use two kinds of approaches that are behavioural and cognitive that help to serve consumers in the best manner.  Behavioural learning theory is not of much process-oriented rather it focuses on the inputs and outputs that are exposed to the resultant behaviour (Mariani,  Borghi and Kazakov,  2019). The respective tool helps to organisation in order to access the consumer responses by exchanging inputs and outputs.

On the other hand, cognitive learning theory takes place resulting in consumer thinking. It focuses on the role of the mental process of an individual rather than the repetition and association of rewards with stimuli. It relies on the phenomenon of processing information and the way of restoring it.

TASK 4

P7

For all kinds of businesses in the hospitality industry, the consumer is considered an very important part of the organisation and is the sole factor that contributes to organisational profitability and sustainability in the marketplace (Min, So and Jeong, 2019.). It is very crucial for an organisation to conduct research and development to understand the requirements of consumers so that they can serve them in a better manner. In today's competitive world hotel industry faces rapid changes so it is very essential to analyse and adapt accordingly to the products and services in order to better serve the consumers (Murillo and King,  2019).

Example

The context of Hotel Holiday Inn deals in the hotel industry as they provide kinds of services under one roof in order to enhance the consumer experiences in a positive manner. Such as they provide transportation, restaurant and stay services, and tour packages which serve as B2B commercial transactions. On the other hand, they tend to provide services to customers by consolidating packages with the help of social media to enlarge business opportunities which is part of B2C commercial transactions.

CONCLUSION

From the above report, it has been concluded that every administration has very much potential to analyse the demand of customers as they become demanding. It is very critical for businesses to examine the customer's decision-making map in order to reach them at an appropriate time with suitable kind of resources so that they can make appropriate decisions for gaining sustainability in the market. With the help of mapping the path of consumers, firms can be able to segment their consumers for providing appropriate goods and services to them which contributes towards enhancing their level of experience and motivation.

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