Identify the Main Stages of the Decision Making Process in the Purchase of a Two Bedroom Apartment. Identify the Factors That May Influence Your Decision.

Topics: Decision making, Cognition, Decision theory Pages: 4 (1146 words) Published: February 20, 2011
Identify the main stages of the decision making process in the purchase of a two bedroom apartment. Identify the factors that may influence your decision.

The Buyer Decision Making Processes are undertaken by consumers in regard to a potential market transaction before, during and after the purchase of a product or service.

Research suggests that customers go through a five-stage decision-making process in any purchase.

Need Recognition and Problem Awareness
Information Search
Evaluation of Alternatives
Decision Implementation / Purchase
Post-purchase Evaluation

This implies that the customers pass through all stages in every purchase. This is very helpful when making a purchase that requires thought and deliberation. For example in the case of buying a two bedroom apartment, one should take into consideration each of the decision making steps.

The buying process starts with Need Recognition. At this stage the buyer recognises and has in mind a problem or need which in this case is the purchase of a two bedroom apartment. The customer would consider many values. For example the place of apartment, the view from the apartment, how big the apartment should be, if the apartment is going to be fully furnished on purchase, and so on.

If the need is strong enough and the customer has a good idea of what he is looking for, then the process of Information Search begins.

A customer can obtain information from several sources:

Personal sources: family, friends, neighbours.
Commercial sources: advertising, salespeople, retailers, dealers, packaging.Point-of-sale displays
Public sources: newspapers, radio, television, consumer organisations
Experiential sources: handling, examining, using the product

The usefulness and influence of these sources of information will vary by product and by customer. Research suggests that customers value and respect personal sources more than commercial sources. Therefore the marketer can...
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