Describe the steps of the buyer decision process
What will be an ideal response?
The buyer decision process consists of five stages: need recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior.
1. Need Recognition: The buying process starts with need recognition — the buyer recognizes a problem or need. The need can be triggered by internal stimuli when one of the person's normal needs — for example, hunger or thirst — rises to a level high enough to become a drive. A need can also be triggered by external stimuli.
2. Information Search: An interested consumer may or may not search for more information. If the consumer's drive is strong and a satisfying product is near at hand, he or she is likely to buy it then. If not, the consumer may store the need in memory or undertake an information search related to the need.
3. Evaluation of Alternatives: Marketers need to know about evaluation of alternatives, that is, how the consumer processes information to arrive at brand choices. Unfortunately, consumers do not use a simple and single evaluation process in all buying situations. Instead, several evaluation processes are at work. The consumer arrives at attitudes toward different brands through some evaluation procedure.
4. Purchase Decision: In the evaluation stage, the consumer ranks brands and forms purchase intentions. Generally, the consumer's purchase decision will be to buy the most preferred brand, but two factors can come between the purchase intention and the purchase decision. The first factor is the attitudes of others. The second factor is unexpected situational factors. The consumer may form a purchase intention based on factors such as expected income, expected price, and expected product benefits. However, unexpected events may change the purchase intention.
5. Postpurchase Behavior: After purchasing the product, the consumer will either be satisfied or dissatisfied and will engage in postpurchase behavior of interest to the marketer. If the product falls short of expectations, the consumer is disappointed; if it meets expectations, the consumer is satisfied; if it exceeds expectations, the consumer is delighted. The larger the gap between expectations and performance, the greater the consumer's dissatisfaction.
You might also like to view...
Which of the following represents the board of directors subset that acts as a direct contact between stockholders and the independent accounting firm?
a. Audit committee b. Internal audit staff c. External auditors d. Stockholders' representative
Rachel works for a furniture company in Ireland. She is responsible for buying and selling goods at a profit to small retailers. Rachel most likely operates in a ________ market
A) business B) reseller C) wholesale D) consumer E) retail
Neville Co issued 20-year term bonds at a discount in 20x5. Interest is payable semiannually. Which of the following statements is true, assuming that the effective interest method of amortization is used for the bond discount?
A) Interest expense decreases each six-month interest period. B) Interest expense as a percentage of the bond's book value changes from period to period. C) Interest expense increases each six-month interest period. D) Interest expense remains constant in amount for each interest period.
The pro forma financial statement should include at least three scenarios of your financial forecast, each containing an income statement, balance sheet, and ______.
a. the cash outflow statement b. capitol stock c. cash flow statement d. accrued expenses