Downloaded 11 times
Uploaded by114iiminternship
5-(III) how to consumers make purchasing decisions
The document outlines the 5 stages that consumers go through in the buying process: 1) problem recognition, 2) information search, 3) evaluation of alternatives, 4) purchase decision, and 5) post-purchase behavior. It describes each stage in detail, including how internal and external stimuli can trigger problem recognition, the different sources of information consumers use in their search, and how they evaluate alternatives based on attributes and form attitudes. The document also discusses factors that can influence the purchase decision and the importance of satisfying consumers in the post-purchase stage through reinforcement of their choice.
More Related Content
Similar to 5-(III) how to consumers make purchasing decisions
More from 114iiminternship
5-(III) how to consumers make purchasing decisions
- 1. How do consumers makepurchasing decisions?
- 2. The consumer passesthrough 5 stages during buying process Problem recognition Information Search Evaluation of Alternatives Purchase decision Postpurchase behaviour
- 3. Problem recognition A problemor 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 ofinformation 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 theSearch 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 OurBelief and Attitudes determine behaviour towards products and services Companies tend to fit their products into the existing attitude of consumers
- 7. Evaluation of Alternatives ExpectancyValue 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 MODELSOF 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 FACTORSlike 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 communicationsshould supply beliefs that reinforce the consumer’s choice Postpurchase satisfaction , actions , use and disposal must be monitored
- 12. Thank you forwatching!!
- 13. UPLOADED BY SHREYANSDAGA, MNIT JAIPUR DURING AN INTERNSHIP BY PROF. SAMEER MATHUR,IIM LUCKNOW Visit www.iiminternship.com Disclaimer