Four Core Business Processes
The four core business processes that are important to run or grow a business are listed as concept-to-product, market-to-customer, order-to-cash, and demand-to-supply (Li, 2017).
The cycle of product creation involves all the measures taken to take the product from idea to commercial availability. This involves defining the consumer demands, analyzing the business environment, planning a strategy, creating a product plan, and constructing a minimum viable product. For example, to set up a clothing line business, apparel style and design in demand and the target population and their needs must be well researched (Li, 2017).
Market to Customer means defining business appeal, creating and articulating a specific business model to customers, and collecting the value generated by the relationship building and sale process cycle. For instance, the relationship-building between the clothing business and the customer which is a stylist will help in more sales and hence profit (Scheubel, 2018).
It defined as the set of business operations receiving and processing of and payment of client sales orders for products and services. Every department in the organization is either directly or indirectly affected by the Order to Cash system. For example, the payment received from the customer will be added in the cycle of the development of the product, and the new order will be generated using it. Hence this process flow must be smooth and consistent (Mendling, 2019).
Demand forecasting is a method of supply chain management anticipating or anticipating demand for goods to ensure that they can be distributed to please consumers. The goal is to find a compromise between providing adequate inventories to satisfy the demands of the consumer without creating a surplus. For example, the demand for the required quantity and the quality of the goods must be actively supplied to the dealer or the customer which will affect the sale and the profit of the business (Lohmann, 2016).
Qualitative research is a form of social science research that collects the non-numeric data and works with it and eventually aims to interpret the meaning of these data that helps to distinctly understand social life via the study of targeted groups, populations, or locations. This method of research has attracted a large number of social scientists as it helps them to investigate the significance of the attribute that people assign to their attitudes, acts, and relationships with others. Although quantitative analysis helps define associations between variables, such as the correlation between deprivation and racial hate. his method of research has attracted a large number of social scientists as it helps them to investigate the significance of the attribute that people assign to their attitudes, acts, and relationships with others. Although quantitative analysis helps define associations between variables, such as the correlation between deprivation and racial hate (Silverman, 2016).
Qualitative Research and its Major Drawbacks
Qualitative research helps markets in carrying out the marketing analysis which is an intern used to evaluate innovative strategies or goods and to obtain a practical understanding of the response of consumers or clients towards a specific product. This method provides scope and detail to the marketers that go deeper than rank analysis and counts. It creates openness by allowing people to expand on their responses and comments which will bring up different fields of discussion that were not initially considered. New marketers and businesses may use qualitative analysis to direct initial positioning, check goods, and obtain insight about their future buyers and customers. Whereas developed businesses may use surveys to assess consumer loyalty over time and to develop and extend current goods (Hennink, 2020).
There are a few drawbacks associated with this method. It is not a statistically valid method of data collection. It relies on the researcher ‘s experience and therefore can lead to misleading conclusions. Multiple sessions may be needed and it may be challenging to reproduce the findings (Myers, 2019).
Customers have indeed become part-time marketers. They are now well informed about the goodness of the product which self-encourage them to buy the product if it suits their needs. If a company guarantees that consumers are still happy with their goods, buyers can build a positive reputation for their goods (Fletcher, 2019).
It has been lately observed that, when Facebook first got launched, people were competitive about making new friends and looking at this trend business or brands created their business pages on the Facebook to create a customer base and to get more subscribers and likes on their pages. But with time, people became reluctant to add more friends but also wants to see the life happenings and updates only from close friends and families which lead to them to defriend a large number of unknown and unwanted people from the Facebook. Moreover, consumers became more informed about the business marketing and overpopulation of the feed on their page which led to irrelevant content to beat the competition in the market, which forced them declutter their feed by minimizing unknown brands and unfollowing or hiding the content of the brands which were irrelevant to them (Xia, 2016). With increasing online competition, consumers understood the marketing, and hence now they expected honesty from the brands. Now, if they file a complaint or a query, consumers expect a fast, personal, and precise solution. They demand a lot from the marketers, even consumers are reluctant to feed information frequently on the web, apps and social pages and expect that it must be retrieved from already existing data such as shopping preferences on amazon. Hence, the consumers have become more selective as well as demanding towards the product and service quality. Parallel with that it became more crucial for the businesses and brands to keep up with the changing needs and to satisfy the demands of the consumers (Isiklar, 2017).
Impact of Family Categorizations on Buying Behavior
A more direct influence on everyday purchasing activity is the families of the spouse and children. Both husband and wife can react differently to marketing messages. One research found that wife respected partnerships and interactions with family and friends and put a high emphasis on people. Husbands on the other side were more concerned with competitiveness and put a high emphasis on practice. Marketers are involved in the positions and perceived effects of family members in the buying of a broad spectrum of goods and services. In the United States, marital participation has traditionally ranged extensively across food categories. The wife usually acted as the family’s main purchasing agent, particularly for food, toiletries, and staple clothing. Moreover, it has been studied that for expensive products and resources such as vehicles, vacations, or accommodation, the overwhelming number of husbands and wives are involved in further collective decision-making. Despite the growing wealth and income production potential of women, financial sector companies such as Citigroup, Charles Schwab, and Merrill Lynch have stepped up their efforts to recruit women buyers and company owners. However, marketers realize that these days, men are not the biggest customers of high-tech gadgets and gizmos. But women currently purchase more gadgets than men do. Some smart technology shops are beginning to notice women’s concerns regarding being overlooked, supported, or insulted by salespeople (Ramya, 206).
Moreover, in the case of a family with children, another difference in purchasing habits is the change in the number of dollars invested and the direct and indirect impact of children and teenagers. The overall effect of children on parental spending accounted for another $312 billion in household expenditures. Indirect control implies that parents learn the products, food tastes, and desires of their children without any suggestions or demands. One research found that teens played a more active role than ever in having parents select a vehicle, audio or video system, or a holiday place (Rana, 2019).
References
Fletcher, J., 2019. The Consumer Error: Branding and the Professional Culture of Marketers. In Transformationen der Arbeitsgesellschaft. ProQuest Dissertations Publishing (pp. 307-320). Springer VS, Wiesbaden.
Hennink, M., Hutter, I. and Bailey, A., 2020. Qualitative research methods. SAGE Publications Limited.
Isiklar, Z. E., Zerenler, M., Hassan, S.A., 2017. Consumer Behavior-Mobile Marketing Relationship: A Research On Supermarkets.Economic and Social Development: Book of Proceedings, ProQuest Dissertations Publishing (pp. 469-479). Varazdin.
Li, M.K., Shi, J.Q., Cao, X.J. and Wang, Z., 2017. Research on Module Construction based on Product Lifecycle Management. In Proceedings of the 23rd International Conference on Industrial Engineering and Engineering Management 2016 (pp. 93-96). Atlantis Press, Paris.
Lohmann, P. and Zur Muehlen, M., 2016, September. Business process management skills and roles: an investigation of the demand and supply side of BPM professionals. In International Conference on Business Process Management (pp. 317-332). Springer, Cham.
Mendling, J., Dumas, M., La Rosa, M. and Reijers, H.A., 2019. Structuring Business Process Management. In The Art of Structuring (pp. 203-211). Springer, Cham.
Myers, M.D., 2019. Qualitative research in business and management. Sage Publications Limited.
Ramya, N. and Ali, M., 2016. Factors affecting consumer buying behavior. International journal of applied research, 2(10), pp.76-80.
Rana, J. and Jha, P., 2019. Factors Influencing Consumer Buying Behavior towards Durable (White) Products. BVIMSR’s Journal of Management Research, 11(1), pp.1-9.
Scheubel, C., Gierse, H., Hermann, R. and Wokusch, M., 2018. Valuing Product Lifecycle Management. In Valuing Corporate Innovation (pp. 39-70). Springer, Cham.
Silverman, D., 2016. Qualitative research. Sage.
Xia, F., 2016. Marketing in the Internet Age. University of Pittsburgh, ProQuest Dissertations Publishing. 10298876.
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