How do consumers make purchasing decision

How do consumers make purchasing decisions?

The buying process is a 5 stage model.

1.Problem recognition

The buying process starts when a buyer recognizes a problem triggered by internal or external stimuli.

Marketers need to identify the circumstance that trigger a particular need.

2. Information search

Heightened attention Active information search

Information sources –

1.Personal

2.Commercial

3.Experiental

Search dynamics

Marketers need to identify the hierarchy of attributesthat guide consumer decision.

This is called MARKET PARTITIONING.

3. Evaluation of

4. Purchase decision.

Non compensatory models of consumer choice

1. Conjunctive heuristic - Consumer sets minimum acceptable level

and chooses the alternative that meets that.

2. Lexicographic heuristic – consumer chooses best brand

on the basis of its perceived most important attribute.

3. Elimination by aspect heuristic

Post purchase satisfaction –

If performance of a product falls short of expectation , consumers become DISAPPOINTED. If it meets expectation, consumers are SATISFIED.If it exceeds expectation , consumers are DELIGHTED.

Post purchase actions-

A satisfied consumer is most likely to buy the product again.

A dis-satisfied one rejects it and complaints about it.

Post purchase uses and disposal-Marketers should monitor how consumers use and dispose of products.

Created by Yash Shah , Sardar Patel College of Engineering, During an internship withProf. Sameer Mathur, IIM Lucknow.

www.IIMInternship.com