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Buying Decision Process
This document outlines the five stages of the consumer buying decision process: problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase decision. It describes each stage in detail, including how needs are triggered, the major information sources used in the search stage, and how satisfaction or dissatisfaction with a purchase can impact future purchase decisions and recommendations to others. The evaluation stage considers how judgments are made consciously and attributes are assessed based on beliefs. The post-purchase stages examine satisfaction levels, potential actions like repeat purchases or warnings to others, and product usage over time.
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Buying Decision Process
- 1. BUYING DECISION PROCESS PROF PRASHANTKUMAR GUPTA JAIN COLLEGE OF MBA AND MCA
- 2. FIVE STAGE MODEL ProblemRecognition Information Search Evaluation Of Alternatives Purchase Decision Post Purchase Decision
- 3. PROBLEM/NEED RECOGNITION • Needcan 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
- 4. INFORMATION SEARCH • Twolevels 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
- 5. Total Set IBM Apple Dell HP Toshiba Compaq Awareness Set IBM Apple Dell HP ConsiderationSet IBM Dell Apple Choice Set IBM Dell Decision ?
- 6. 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.
- 7. PURCHASE DECISION • Sub-decisionshave 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.
- 8. POST-PURCHASE BEHAVIOUR • Marketermust observe:1. Post-purchase satisfaction 2. Post-purchase actions 3. Post-purchase product uses
- 9. POST-PURCHASE BEHAVIOUR :SATISFACTION • Performanceless 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.
- 10. POST-PURCHASE BEHAVIOUR :ACTIONS • Satisfactionor 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)
- 11. POST-PURCHASE BEHAVIOUR :USE ANDDISPOSAL • Its important to calculate the consumption rate, i.e. frequency of purchase. • Profits come from sales and key driver of sales is consumption rate.
- 12. ASSIGNMENT • Find thetypes of risk that a consumer takes while making a purchase decision,. • Find the intervening factors in a purchase decision.