Marketing Blog

The Consumer Decision Process, or the 5 Stages of the Buyer's Decision Process is the cycle a consumer goes through when they purchase a product or service. The process has 5 main steps: Problem Recognition Information Search Evaluation & Selection Store Choice & Purchase Post Purchase Processes  1. Problem Recognition   In this stage, a consumer realises they need a product or service to solve their problem. In psychology this can be separated between a need or want. This classification is based on your biological needs, for example; if you feel thirsty you need a drink. Whereas you need a car to drive around, but you want a Lexus due to the brand name and quality associated with it. 2. Information Search   After a consumer has recognised they have an problem, they seek information on where they can find a solution to their problem. They can conduct an internal search , which means they use information from their ...

What does SWOT Stand For?    SWOT stands for: strength, weakness, opportunities and threats. A SWOT analysis is used in marketing to analyses a company using the marketing mix. The marketing mix refers to the 4p: Price (cost of a product) Product (Features of the product) Place/ distribution ( where the product can be found) Promotion (techniques to encourage sales). A SWOT analysis is equivalent to the balance sheet in the accounting world. It demonstrates what is happening at a single point in time. Strength and Weaknesses   The strength and weakness section of a swot analysis cover the internal factors a company has. This concentrates only on what happens within your company. It can demonstrate which areas require improvement, and focuses on efficiency.       Opportunities and Threats    The opportunities and threats section of a swot analysis cover the external factors that effect a company. For example...