The paper "Coles Industry Dynamics Influencing Consumer Behaviour And Decision Making Process" is a perfect example of a marketing case study. The increase in the level of competition has increased the relevance of consumer behaviour. Consumer behaviour is defined as the various phases or stages that a consumer goes through before finally purchasing a product or service being offered by the seller. The buyer decision is influenced by several factors like social factors, psychological factors, economical factors to name a few. Thus, it becomes necessary to understand these factors so that the consumer can be influenced to purchase the product or services. Consumer behaviour can be studied both in terms of group and individuals.
Evaluation of consumer behaviour is an on-going process since tastes, preferences, needs, requirements of a consumer keep on changing and differs from group to group or individual to individual. It is to be noted that in this competitive world consumers cannot be ignored and requires proper understanding of their behavior for the long term success of the organization. It is rather important that the products or services are so designed that it meets the need of consumer (Hawkins, Best & Coney, 2006, p.
23). The assignment presents complete details on the different factors which influence consumer decision making process. To understand the manner different factors have relevance on consumer decision making “ Coles” which is a retail player operating in Australia has been considered. Industry Overview Coles is an Australian based supermarket and is owned by Wesfarmers. The supermarket is spread all over the country and has around 741 stores and employs more than one lakh people in the country.
Along with the international and national brand, Coles manufactures a product under its own brand name which is very successful among the masses. The company had started as a variety store in Melbourne and expanded at a rapid pace. In 1960, the first supermarket in Melbourne was opened and by 1973 Coles had achieved success in opening its stores in all Australian capital cities. It was much later in the year 2007, that Coles was purchased by a Western Australian based company Wesfarmers. Coles today offer a variety of products ranging from food products to clothing, household products to utility products and much more.
It has entered into the world of e-commerce also through its official website and making its products and services being offered online. The key success factor contributing to the success of Coles is its ability to understand the consumer and their changing behaviour. It understands the value of customers and uses different schemes and promotions by which it is able to convert potential customers into real ones. It delivers value to its customers as the customer receives more value than they expect which has helped to develop a pool of loyal customers.
The strategy which Coles adopted is to ensure low pricing while maintaining the same quality. This helped them to develop their business based on a business model of low-cost pricing which has increased the rate of penetration in the market It is to be further noted that it is because of the success of organisations like Coles, Woolworth, Wal-Mart that the retail chain industry is growing at a rapid rate of around 15-18% globally and the traditional grocery and variety stores are losing them.
The ability of the retail players to understand human behaviour better as compared to the traditional players has helped them develop their business
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