The Buying-Decision Process

Topics: Marketing, Decision making software, Decision theory Pages: 2 (331 words) Published: January 21, 2013
The buying decision process
* Technical process that a consumer undergoes in deciding the purchase of any product or service. The process includes need recognition, information search, and evaluation of alternatives, purchase decision and post-purchase decision. It occurs within an individual whenever he makes a purchase decision. The length of time of this process varies for each individual. Some make a decision in a split of a second as in a neural network. Others take some time >SYNTHESIZE INFORMATION

>ESTABLISH DECISION CRITERIA
>DETERMINE THE TYPE OF ALTERNATIVES
>COMPARE ALTERNATIVES
>SYNTHESIZE INFORMATION
>ESTABLISH DECISION CRITERIA
>DETERMINE THE TYPE OF ALTERNATIVES
>COMPARE ALTERNATIVES
>EXPERIENCE
>AVAILABILITY OF INFORMATION
>SATISFACTION DERIVED
>PERCEIVED CONSEQUENCES
>PRODUCT VALUE
>EXPERIENCE
>AVAILABILITY OF INFORMATION
>SATISFACTION DERIVED
>PERCEIVED CONSEQUENCES
>PRODUCT VALUE
POST-PURCHASE DECISION
POST-PURCHASE DECISION
PURCHASE DECISION
PURCHASE DECISION
EVALUATION OF ALTERNATIVES
EVALUATION OF ALTERNATIVES
INFORMATION SEARCH
INFORMATION SEARCH
NEED RECOGNITION
NEED RECOGNITION

TYPES OF BUYING DECISION BEHAVIOR
3 CHARACTERISTICS OF AN ITEM TO BE PURCHASED
* EXPENSIVE
* CAN HAVE SERIOUS SOCIAL CONSEQUENCES
* CAN REFLECT ON ONE’S SOCIAL IMAGE
2 VARIABLES
* CONSUMER INVOLVEMENT
* PRODUCT KNOWLEDGE
3 GENERAL VARIATIONS IN THE CONSUMER’S PURCHASE PROCESS
* ROUTINE PROBLEM SOLVING
* LIMITED PROBLEM-SOLVING
* EXTENDED PROBLEM-SOLVING
STRATEGIES TO FOCUS ON CONSUMER BUYING BEHAVIOR
* Companies should take into consideration the consumer’s behaviour toward new products * They should adopt an effective research approach using surveys, experiments, observations, samplings and case studies when applicable or necessary * Proper interpretations and reporting of findings must be performed by the...
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