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5-(III) how to consumers make purchasing decisions

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WE will analyse how consumer behaviour affects buying decisions

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How do consumers make purchasing decisions?
The consumer passes through 5 stages during buying process Problem recognition Information Search Evaluation of Alternatives Purchase decision Postpurchase behaviour
Problem recognition A problem or need is triggered by internal or external stimuli Internal stimuli- Hunger, thirst. External stimuli – your friend’s new car! Marketers need to identify the circumstances that trigger a need
Information Search Sources of information can be commercial, public, personal or experiential Consumers receive highest amount of info. from commercial sources, But most effective info. is from personal sources
Dynamics of the Search process Total Set Apple Dell HP Toshiba Compaq Awareness set Apple Dell HP Toshiba Considera tion Set Apple Dell Toshiba Choice Set Apple Dell Decision ??
Evaluation of Alternatives Our Belief and Attitudes determine behaviour towards products and services Companies tend to fit their products into the existing attitude of consumers
Evaluation of Alternatives Expectancy Value Model of attitude formation posits that Consumers evaluate products by combining their brand beliefs Say you buy a laptop, you give 50% importance to memory capacity, 30% to graphics, 20% to price. Then you rate alternatives based on these factors
Purchase Decision During purchase , consumers make 5 subdecisions- Brand Dealer Quantity Timing Payment Method
Purchase Decision NONCOMPENSTAORY MODELS OF CONSUMER CHOICE Involves choice heuristics(shortcuts)- Conjunctive Heuristic (deciding a minimum cutoff of an attribute) Lexicographic Heuristic ( Based on most important attribute) Elimination by aspects Heuristic (probabilistic choice of an attribute based on importance)
Purchase Decision INTERVENING FACTORS like Attitude of others towards product, and Unanticipated situational factors , like losing job influence decision Perceived risks(like financial, physical, functional risks) influence buyer behaviour Marketers must provide proper knowledge for risk reduction
Postpurchase behaviour Marketing communications should supply beliefs that reinforce the consumer’s choice Postpurchase satisfaction , actions , use and disposal must be monitored
Thank you for watching!!
UPLOADED BY SHREYANS DAGA, MNIT JAIPUR DURING AN INTERNSHIP BY PROF. SAMEER MATHUR,IIM LUCKNOW Visit www.iiminternship.com Disclaimer

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5-(III) how to consumers make purchasing decisions

  • 1. How do consumers make purchasing decisions?
  • 2. The consumer passes through 5 stages during buying process Problem recognition Information Search Evaluation of Alternatives Purchase decision Postpurchase behaviour
  • 3. Problem recognition A problem or need is triggered by internal or external stimuli Internal stimuli- Hunger, thirst. External stimuli – your friend’s new car! Marketers need to identify the circumstances that trigger a need
  • 4. Information Search Sources of information can be commercial, public, personal or experiential Consumers receive highest amount of info. from commercial sources, But most effective info. is from personal sources
  • 5. Dynamics of the Search process Total Set Apple Dell HP Toshiba Compaq Awareness set Apple Dell HP Toshiba Considera tion Set Apple Dell Toshiba Choice Set Apple Dell Decision ??
  • 6. Evaluation of Alternatives Our Belief and Attitudes determine behaviour towards products and services Companies tend to fit their products into the existing attitude of consumers
  • 7. Evaluation of Alternatives Expectancy Value Model of attitude formation posits that Consumers evaluate products by combining their brand beliefs Say you buy a laptop, you give 50% importance to memory capacity, 30% to graphics, 20% to price. Then you rate alternatives based on these factors
  • 8. Purchase Decision During purchase , consumers make 5 subdecisions- Brand Dealer Quantity Timing Payment Method
  • 9. Purchase Decision NONCOMPENSTAORY MODELS OF CONSUMER CHOICE Involves choice heuristics(shortcuts)- Conjunctive Heuristic (deciding a minimum cutoff of an attribute) Lexicographic Heuristic ( Based on most important attribute) Elimination by aspects Heuristic (probabilistic choice of an attribute based on importance)
  • 10. Purchase Decision INTERVENING FACTORS like Attitude of others towards product, and Unanticipated situational factors , like losing job influence decision Perceived risks(like financial, physical, functional risks) influence buyer behaviour Marketers must provide proper knowledge for risk reduction
  • 11. Postpurchase behaviour Marketing communications should supply beliefs that reinforce the consumer’s choice Postpurchase satisfaction , actions , use and disposal must be monitored
  • 12. Thank you for watching!!
  • 13. UPLOADED BY SHREYANS DAGA, MNIT JAIPUR DURING AN INTERNSHIP BY PROF. SAMEER MATHUR,IIM LUCKNOW Visit www.iiminternship.com Disclaimer