Buying Decision Process

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Information about Buying Decision Process

Published on February 15, 2014

Author: kumarprashantgupta



FIVE STAGE MODEL Problem Recognition Information Search Evaluation Of Alternatives Purchase Decision Post Purchase Decision

PROBLEM/NEED RECOGNITION • Need can be triggered by internal or external stimuli • Internal stimulus like hunger and thirst • External stimuli like someone motivating you. • Point of importance is to identify what triggers the need

INFORMATION SEARCH • Two levels for information search exist 1. Heightened attention where one becomes more receptive to information. 2. Active information search Point of importance is what are the major information sources, which are of four categories:1. Personal : Friends, family , neighbour 2. Commercial: Advertising, salesman, packing 3. Public: Mass media, Consumer rating organisations 4. Experimental: Handling & Examining the product

Total Set IBM Apple Dell HP Toshiba Compaq Awareness Set IBM Apple Dell HP Consideration Set IBM Dell Apple Choice Set IBM Dell Decision ?

EVALUATION OF ALTERNATIVES • The most recent model says that the judgements are taken consciously and rationally which is termed as cognitively oriented. • Ask questions? 1. Do you want to satisfy a need 2. Are you looking for some benefit 3. What are the attributes that are being looked for? **Beliefs and attitudes affects this process.

PURCHASE DECISION • Sub-decisions have to be taken about:1. Brand 2. Dealer 3. Quantity 4. Timing 5. Payment Method Timing and steps in the process depends upon the product that needs to be purchased.

POST-PURCHASE BEHAVIOUR • Marketer must observe:1. Post-purchase satisfaction 2. Post-purchase actions 3. Post-purchase product uses

POST-PURCHASE BEHAVIOUR :SATISFACTION • Performance less than expectation results into dissatisfaction. • Performance as per the expectation leaves a satisfied customer. • Performance better than expected leads to a delighted consumer. Point of importance is that it will affect his future decision making process.

POST-PURCHASE BEHAVIOUR :ACTIONS • Satisfaction or dissatisfaction may influence a consumer’s subsequent behaviour. • If its favourable it may lead to a repeat purchase. • If dissatisfied the consumer may stop buying the product (Exit Option) or warn people around (Voice Option)

POST-PURCHASE BEHAVIOUR :USE AND DISPOSAL • Its important to calculate the consumption rate, i.e. frequency of purchase. • Profits come from sales and key driver of sales is consumption rate.

ASSIGNMENT • Find the types of risk that a consumer takes while making a purchase decision,. • Find the intervening factors in a purchase decision.

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