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How do consumers make purchasing decisions
The document outlines a 5-stage model of the consumer buying decision process: 1. Problem recognition - needs are triggered by internal or external stimuli 2. Information search - consumers gather information from personal, commercial, public, and experimental sources 3. Evaluation of alternatives - consumers evaluate products and form preferences among brands based on attributes and perceived value 4. Purchase decision - final decision can be influenced by attitudes of others and unanticipated situational factors 5. Post-purchase behavior - consumers may experience satisfaction, dissatisfaction or disposal after their purchase
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How do consumers make purchasing decisions
- 2. Problem recognition Information search Evaluation of alternatives Purchase decision Postpurchase behavior The BuyingDecision Process: The Five – Stage Model
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- 4. The buying processstarts when needs are triggered by internal or external stimuli. I want to go to HAITI External Stimuli
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- 6. Information sources Personal: Family &Friends Commercial: Web sites, dealers Public : Mass media Experimental: Handling, examining
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- 9. The consumer is tryingto satisfy his need Consumer sees each product as a bundle of attributes with varying ability to deliver benefits.
- 10. I will prefermodel A and model D Because of high perceived value.
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- 12. In the evaluationstage consumer forms preferences among the brands
- 13. Intervening factors betweenpurchase intention and final purchase decision Attitude of others. The more negativism and the closer he or she is to us, the more we will adjust our purchase decisions. Unanticipated situation factors:- Functional risk Physical risk Financial risk Social risk Psychological risk Time risk
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- 16. Post purchase behavior-Disposal
- 17. Recap Consumers make purchasingdecision as follows: •Problem recognition •Information search •Evaluation of alternatives •Purchase behavior •Post purchase behavior
- 18. KOTLER, P. &KELLER, K. 2011. Marketing Management 14th Edition,Upper Saddle River, NJ, Prentice Hall(With due thanks to the owners of Photographs) Credit
- 20. Disclaimer : Paras Arora H.B.T.I.Kanpur during an internship by Prof. Sameer Mathur, IIM Lucknow www.iiminternship.co m