Question

1. What is a consumers’ decision journey? Describe a process for evaluation a customer or potential customers’ decision journey for a Convenience store? How can these information be used by marketers?
2. What is the concept of economic value? How is this concept is linked to basic business strategy concepts? Using the model described how do retailers provide their customers value? Use Green Zebra as an example.
3. What are the three key drivers that are impacting the evolution of retail

Answer 1

Consumers are moving outside the marketing funnel by changing the way they research and buy products.

Every day, people form impressions of brands from touch points such as advertisements, news reports, conversations with family and friends, and product experiences. Unless consumers are actively shopping, much of that exposure appears wasted.

Actually, the decision-making process is a more circular journey, with four primary phases representing potential battlegrounds where marketers can win or lose: initial consideration; active evaluation, or the process of researching potential purchases; closure, when consumers buy brands; and postpurchase, when consumers experience them

Marketing has made its goal as to reach consumers at times needed and during most influential in consumers decisions

Understanding the Stages of the Customer Decision-Making Process

It’s important to note that this process has many different names: buyer journey, buying cycle, buyer funnel, consumer purchase decision process, etc.

But all the names essentially refer to the same thing: The journey a customer goes through when making a sale.

It can be simply followed by the steps below

Awareness

Research

Consideration

Conversion

Repurchase

All these have to be taken into account to by the marketers and follow necessary steps to meet the requirements of the consumers

Business organizations of the 21st century are driven by globalization, internationalization, and speed which must compete on changing and evolving markets. One of the main goals of every business is to create value for its shareholders, the value that is generated by the proper usage of existing resources. The notion that can be utilized to successfully illustrate the increase in economic value is the economic value added concept. The Economic Value Added concept known also as EVA is an add on to value, value-based management, and economic value. EVA is a method and a tool for quantification and measurement of the value created by a business organization.

Green Zebra is a tomato cultivar with characteristic dark green and yellow stripes. Newer variations blush reddish instead of yellow when ripe. It is more tart than regular tomatoes, and it is an early cultivar. Compared to other tomato varieties, it can produce somewhat mealy fruits depending on growing conditions. Meeting the consumer requirements they cultivate crops.

Taking into account the consumer interest and requirements the retailers should produce goods which give the customer satisfaction and a feeling of reliability. So the retailers should value the customers by meeting their requirements

The three key drivers that are impacting the evolution of retail are as follows

1. The shift in Power from Retailer to Consumer

2. Obsolescence of Channel Thinking

3. Growing Volume and Velocity of Retail Data