Behaviour Of Consumer On A Wide Level

Develop a Consumer Behaviour Report to be Submitted to Managing Director of a Medium to High Involment Brand and Product line of your choice to outline the key Issues Facing the Company in terms of Consumer Behavioural Issues.

 

 

Introduction

The edible oil and the products related to it are identified as one of the most promising products in the market. To make the financial arrangement on the bigger landscape, the industry selected should be branded and well-structured. The organization selected for the discussion is Wilmar. There are various varieties of oil identified by the organization. These oils are helpful in providing the major health benefits like controlling the cancer, diabetes, cholesterol, ageing & many more. Wilmar is successful in launching a wide range of launching many products. The Palm oil is considered as one of the latest products of Wilmar. The main strategy behind this launch is to shift the existing customers of Wilmar into the new olive brand. The report shown below is mainly helpful in showing the behavior of consumer on a wide level.

Background

Wilmar is considered as the famous and most promising organization of Singapore which assists in providing suitable products as per the requirement of the customers. It was first introduced in the year 1991. The organization is considered as one of the most famous agribusiness organizations in the Asia.

The Singapore is exporting the edible oils from last 20 years. In terms of quality standards, the organization is having recognition of ISO 22000: 2005, HALAL Certification & BRC Global Standard. For the sake of consumers, the organization is manufacturing bets products. There are various packaging plants and delivering options by which the best quality products can be delivered to the consumers. The report shown below mainly aids in defining major areas related to the organization like SWOT analysis, PESTLE analysis, target marketing, buying and psychological behavior, personal aspects and four definite set of marketing strategy. The overall purpose of preparing the report is to make it appropriate for identifying the need of the consumers (STYLECRAZE, 2014).

Company SWOT Analysis

The SWOT analysis helps in providing the opportunity for identifying the defining set of strength, weakness, opportunity and threat on a wide level. With the help of this, the requirement of the consumer and their buying behavior can be identified. The SWOT analysis also assists in providing the suitable platform for the growth and development. The table shown below helps in highlighting the specific details.

Strength · More than 20 years of experience in the market. ·Strongest team player for the Agri- Business. ·The strong reputation and specific goodwill of the company will be helpful in attracting more customers towards the company.	Weakness ·Introduction of new concept took time in the adjustment for managing the market. ·The market aspects and promotional standards are also high in contrast to the organization. ·It is more challenging to attract new customers in the existing market.
Opportunity ·Increment in the growth factors. ·Management of the new opportunities. ·More consumers will attract towards the new products.	Threat ·Increment in the competition. There are almost 11 leading players in the market who are selling the same products with brand identity. ·Introduction of the similar product in market with different price codes.

All these aspects are considered before initiating the new product in the market. Apart from this, the PESTLE analysis is also identified on an initial level.

PESTLE Analysis of Company

Pestle analysis is identified as one of the supporting features which may help in performing the political, economic, social, technical, legal and environmental studies on the specific topic provided.

In reference to the Political support,  the organization is getting benefit from the various political benefits from all the aspects. Apart from this, the environment and trading conditions are also well developed. To manage the consumer choice, in such conditions can become easier.

 The Economic aspects are also well versed and define in a suitable manner. The market value and rate of shares is also well-defined in a definite direction. To manage the sale of the product more vibrant and live, it is essential to manage the suitable aspects related to the organization. The actual process of the market can also be identified with the help of the economic process.

The social aspect of the organization is also well-versed. The organization is looking forward to the various opportunities to serve the society in a different manner. The ongoing CSR activities are there which may aid in providing the suitable guidelines for the promotion and development of the organization.

The technical aspects are considered as one of the most important points to be discussed on the organizational level. There are various software and technical system defined in the organization for the suitable management. The technical aspect is also successful in providing assistance in the correct direction. This technical aspect may also help in improving the consumer related tissues (Brosekhan & Velayutham, 2014).

The legal and environmental aspects of the organization are well-defined. There is no issue in handling the current aspect related to the organization. All legal formalities can also be handled easily by following the specific rules. The environmental conditions of the organization are also effectively regulating the market. This will assist in defining the suitable criteria  for the future processing.

Target Market Decision making Process

Target marketing refers to the relation between buyer and seller. The seller must need to identify the buyer buying behavior, so that it can fascinate the consumers towards their product. Nowadays, it is the most effective and widely used method which follows the individual concerns, occupation and demands (Kerr, 2014).

Information Research

Major constituents of target marketing are: who, where, why and how.

We would have targeted the people who are using palm oil. As Willmar is one of the major edible selling company in Singapore, whose major edible oil product is Palm oil. According to United States Department of Agriculture Research, in edible oil there are two types of fats: - One is Saturated fat and another one is unsaturated fat. High saturated ratio in edible oil is harmful to human body & high unsaturated is better. The specific details and description is defined below in the paragraphs below.

According to the reports, in palm oil the presence of saturated fat is 49%, while in Olive oil it is only 14 %. The difference among these two is 35%, which is good for health. If we talk about unsaturated fat percentage in the palm oil, it’s ratio is only 51 %, while in olive oil it is 86 %, which is more than 35 %.

Thus, it is highly recommended that the consumption of olive oil in our daily diet lead to a healthy body which is better than a person who is consuming palm oil. That’s the company’s main target is to basically create more awareness among the citizens of Singapore for using better oil in their cooking to get a healthy and fit body. It will also help in the better development of children & infants.

Purchase Decision and Post Purchase evaluation

So, the first target of the organization will be household ladies, the owners of various restaurants and hawkers. The decision for target marketing is being taken on the basis of area and locality too. The demographic and psycho-graphic features are also helpful in defining the most important aspects related to the expansion and growth perspective related to the organization. By this analysis, the consumer analysis aspects can be well-defined and managed.

Target market decision process

Our major target for olive oil will be household ladies, as they are the major decision maker regarding the cooking habits and majorly concerned for providing a healthy diet for their families. Then the other focus would be on the restaurant’s owners and street hawkers.  This aspect is withdrawn by identifying the basic requirements of the consumers on an international and local level.

According to a survey conducted by the Ministry of Health of Singapore in year 2014, 16 % deaths have been occurred due to heart attack. This is occurring because of consumption of wrong edible oil by the people living over there. There is another report from National University of Singapore (NUS), which concluded that eating palm oil increase the level of cholesterol in the body.

These reports will help to influence/propagate the customers to shift from palm oil to Olive oil. Also, it will help the restaurant owners and food hawkers to gain the loyalty of their customers as they are providing them healthy food by using live oil. Due to these reasons, the target market for consumers is essential to identify.

Our company will do the following activities for creating awareness about the launch of the new products:

• Activities in Societies – The defined set of activities is planned for promoting the product in the societies. The oil can also be helpful in providing the assistance on the broader societal level. The introduction of fitness forum, identification of weight management activities and other aspects will be helpful in the promotion of new products in the existing market. All these aspects will give a better understanding about the product and will make them realize regarding the health benefit of olive in the family to live longer and get protected from heart attacks, cancer, bad cholesterol and a few other diseases.
• Hospitals & Chemist outlets – To gain the trust of consumers, few hospitals and trust are being identified. The banners and pamphlets can be distributed among the people, which will directly promote the usage of olive oil.
• GYM & Fitness Centers – For increasing the consumer support, it is essential to put the banners and  brand promotion methods in the organized manner. People who visit Gyms and fitness centers are very concerned about their health and body. Promoters will definitely influence these people to purchase the olive oil of Wilmar (Outbrain, 2016).
• Paid Displays in Top Selling Outlets – The company has planned to hire some space for top selling outlets where they would do the advertisement of the product. LED displays will be placed so that it can attract the end consumers. Also, the company is planning to provide some free samples to them.
• Online Promotion by throwing some offers: There are various offers and services that can be provided to the consumers by online promotions. The product with proper set of services can be circulated among consumer with new and attractive offers. This will be helpful in solving two purposes. The first aspect is improvement in the services and second aspect is the promotion of a product via internet which is the most reliable source of circulating the products.

Social Influence on buying behavior

• Singapore Medical Association - It is a national medical organization and has been formed in 1959. Singapore citizens are very much influenced by it. SMA published a health magazine on a monthly basis, which is basically followed by most of Singapore citizens. We will publish an article in that magazine focusing the information about how to survive from heart attack, cholesterol and other diseases by using our product.
• Fitness Trainers - We will contact all the Fitness Trainers of Singapore & they will educate people about how our olive oil will help to keep them fit. By different researches, it is already proved that Olive oil is the best edible oil for human body and also reduces the chances of heart attack, cancer, cholesterol and helps in diabetes as well. There are other 22 benefits of using olive oil for us.
• Senior Citizens Program – The company also mentioned that they will also conduct senior citizens programs in which they will brief about the benefits of our products. Being an elder in families, members will follow to elders (Hui, 2016)

Psychological influence on buying behavior

Health and Long Life – Today people want to live a healthy life. As, already mentioned, that olive oil contains 85% of unsaturated fat which is best for consumption.  If they consume healthy food, they will live as long. Spain, Italy, Greece, Portugal and Turkey are the major countries counted for production of Olive oil and its proven that the citizens of these countries live a healthy and long life. Also, the death ratio due to cancer is very less in these countries compared to other (Filik & Ozyilkan, 2003)

Helpful in development of Children -  As mothers are most concerned about the health of their children. So, their brand is proved best in quality and provides huge benefits for health, so hopefully the consumer will prefer the company’s brands for the children.

Personal Influence on buying behavior

• Occupation – Our brand team will focus people who are in good occupation like doctors, ladies and Fitness trainers. These people are more concerned about their own and family’s health. They focus on the good quality food and can spend money for good quality products which are best suitable for their health.
• Age – Our target age will be the people who are more than 20 years of age. The people of this age are more conscious about their health. Also, we target people more than 70 years’ age, which are mostly diabetic patients.
• Economic Condition- Before making a purchase decision, everyone thinks about their income. Our target customers will be only those whose economic condition must be good as they can think for premium segment purchase.  Range of product is directly proportional to the income of the consumer. If the buyer has enough money to purchase a high quality he/she definitely go for a superior product (SMA, 2017).
• Lifestyle – People who have good lifestyle can be targeted for the product. An Individual interest, values, opinions and activities are the basic factors counted in lifestyle..

Marketing Strategy

Social Marketing – The company will adopt the social marketing medium, such as advertisements on Facebook, mails, Google, etc. Most of the young people today are quite active in the social media. So, it will be one of the best tools to represent our product to our target customers (Fernandesa, Puntonib, & Osselaerc, 2015)

Augmented Marketing - This type of marketing will help in attracting customers towards the product by providing various offers and discounts on products, like value aided discount. For example, 5 Singapore dollars off or buy 2 get 10 Singapore dollar discount on 3^rd oil packaging.

Direct Marketing – This will help to interact the company with direct customers. By this, they can provide knowledge about the benefits of the products to the customers.  For Example- Direct sales representative of company to market, Cold calling, through mails etc.

Personal Marketing – In this type of marketing strategy, any Celebrity or sports person will endorse our product. Like Stefanie Sun, Jackson Rathbone, Amos Boon, etc. By this, the company can target followers of such persons (Pal, 2015).

Conclusion

The organizational research and the data collected from various resources reveals that in Singapore, there is huge scope in the Olive Oil Segment. As the studies also show that WILMAR is the largest player in the edible oil industry over there. But, the concern is that they are selling a product is Palm oil. By different researches and medical associations, it is proven that Olive oil is better than Palm oil (Inc., 2012).

Just three years back incident proved that Singapore citizens are not so healthy by consuming Palm oil, which is causing cardiovascular, heart attacks, Cancer, Diabetes and many other diseases to the people living over there. So, in case if the people should get awareness about the benefits of olive oil and harms of Palm oil, then they may start using Olive oil in their diet. The PESTLE and  SWOT analysis of the organization are also helpful in defining the major aspects related to the organization at a definite level.

Wilmar researched that, if they will try to shift the customers from palm to Olive, it may create more and more new business. Also, the olive segment has a huge opportunity to grow. So, the company has decided to launch its new olive oil product. The specific strategy and growth factors will also be helpful in making the strategy successful in the right direction (Wilmar International, 2014).

Bibliography

Brokers' Call: Wilmar International. (n.d.). Retrieved from https://www.straitstimes.com/business/companies-markets/brokers-call-wilmar-international

Brosekhan, A. A., & Velayutham, D. C. (2014). Consumer Buying Behaviour – A Literature Review. IOSR Journal of Business and Management (IOSR-JBM). Retrieved from https://iosrjournals.org/iosr-jbm/papers/ncibppte-volume-1/1014.pdf

Fernandesa, D., Puntonib, S., & Osselaerc, S. M. (2015). When and why we forget to buy. Journal of Consumer Psychology, 363-380. Retrieved from https://www.sciencedirect.com/science/journal/10577408

Filik, L., & Ozyilkan, O. (2003). Olive-oil consumption and cancer risk. European Journal of Clinical Nutrition, 191-191. Retrieved from https://www.nature.com: https://www.nature.com/ejcn/journal/v57/n1/full/1601497a.html

Hui, P. C. (2016, January). The Oily Truth. Retrieved from https://www.straitstimes.com: https://www.straitstimes.com/singapore/health/the-oily-truth

Inc., T. N. (2012). Wilmar International Limited (F34) - Financial and Strategic SWOT Analysis Review - new company profile report. TransWorld News. Retrieved from https://www.stockenews.com/NewsStory.aspx?ID=1040343

Kerr, M. (2014, December). What Is Target Marketing? Retrieved from https://articles.bplans.com/target-marketing/

Outbrain. (2016, February). Brokers' Call: Wilmar International. (Reuter, Editor) Retrieved from https://www.straitstimes.com: https://www.straitstimes.com/business/companies-markets/brokers-call-wilmar-international

Pal, P. (2015, march). 12 Different Types of Marketing Strategy and Techniques. Retrieved from www.publishyourarticles.ne: https://www.publishyourarticles.net/knowledge-hub/business-studies/12-different-types-of-marketing-strategy-and-techniques/5536/

SMA. (2017). Be equipped to handle your patient's mental health needs. Retrieved from https://www.sma.org.sg/UploadedImg/files/Publications%20-%20SMA%20News/4903/Full%20PDF.pdf

STYLECRAZE. (2014, December 13). 22 Best Benefits Of Olive Oil (Jaitun Ka Tel) For Skin, Hair, And Health. Retrieved from https://www.stylecraze.com: https://www.stylecraze.com/articles/amazing-benefits-of-olive-oil-that-you-never-knew/#gref

Wilmar International. (2014). Wilmar International Limited SWOT Analysis. Journal of Health Sciences. Retrieved from https://hsl.med.nyu.edu: https://hsl.med.nyu.edu/resource/details/1250002