Process of Purchase - 1206 Words

Consumer buying behavior is the decision process and acts of people involved in buying and using products. The final purchase decision is often a result of the interaction between the final decision maker and a range of influencer. 1 The process of purchasing decision passes through five different stages 1- Needs recognition 2- Information Search 3- Evaluation 4- Decision 5- Post purchase evaluation Consumer behavior and purchasing decision is a phenomenon affected by internal and external factors, but what are these factors? Consumer buying behavior is determined by the marketing mix or known by the 4 Ps: - ProductïÆ'   satisfy customer’s needs - PriceïÆ'   amount charged to the article - PlaceïÆ'   markets the product available in - PromotionïÆ'   advertising the product in an attractive way Such behavior is influenced by four main factors: Cultural, Social, Personal and Psychological. These factors affect consumer decision making and plays a core impulse that let customer purchase. Cultural Factors are coming from the culture, sub-culture, and social class the costumer rose in. †¢ Culture is the values, beliefs, and traditions passed through generations. As children raised in a society and adopting the culture from family, their core values deeply influence the consumer toward the products that match his deep structure. As in Middle East most countries follow the Islamic Culture, McDonalds restaurants ensures the certified Halal beef used in burgers. 2 †¢ Sub-culture is theShow MoreRelatedExploring Consumer Buying Behaviors And The Creation Of Effective Marketing Strategies For An Organization1729 Words   |  7 Pagesanalyzes data collected from consumer purchases or data gleaned from surveying shoppers and consumers, that data can potentially lead to information for building strategies aimed at: †¢ Changes to the ‘Marketing Mix’ †¢ Initiating initial interest for a product or service †¢ Progressing shopping to purchasing †¢ Encouraging recurring purchases and customer retention Without information-based guidance, one would simply be guessing or assuming what consumers will purchase, putting the organization’s revenuesRead MoreEvaluation Of A Project Management Organization1573 Words   |  7 Pagesprocurement (Leon 2011). In the next section of the report, we have identified and analyzed the concept of Planning Purchases, general purpose of a procurement plan and in the last section of the report we identify and analyzed the three core parts which are utilized for the typical procurement plan. 1.1 Concept of Planning Purchases 1.1.1 Planning In simple context, planning is defined as the process of making plans to perform something or achieve a specific goal or aim (Cunico and Vecchietti 2015). ThereRead MoreThe Marketing Plan Of The Patagonia Marketing Strategy889 Words   |  4 Pagesskiing and fishing I prefer to purchase Patagonia products. Since I have become a loyal customer to their products, I now skip some of the steps in the decision making process. However for this essay I will discuss how I have become a loyal customer and how I have moved through the varies stages of decision-making. The process consists of five different stages the consumer moves through, from initial stage of recognizing a need to the final stage of post purchase. Additionally I will discuss theRead MoreThe Harley Davidson1431 Words   |  6 PagesHere take a look about the consumer buyer decision process on the example of Harley-Davidson’s motorcycles. The buyer decision process consists of five stages: Need Recognition, Inform ation Search, Evaluation of Alternatives, Purchase Decision, and Post purchase Behavior. Clearly, the buying process starts long before the actual purchase and continues long after. Marketers need to focus on the entire buying process rather than on just the purchase decision. 1. Need Recognition: Need recognitionRead MoreConsumer Decision Making Process Essay1449 Words   |  6 PagesConsumer Decision Making Process A key factor in successfully marketing new/existing products or implementing a product Extension is a thorough understanding of the motivation, learning, memory, and decision Processes that influence consumers purchasing behavior. Consumer purchasing behavior theories have found their way into managerial decision making to help companies more effectively develop and launch new products, segment the market, determine market entranceRead MoreExplain Why It Is Important for Marketers to Understand the Consumer Decision Making Process918 Words   |  4 Pagesdecision making process they use. Research suggests that customers go through a five-stage decision-making process when making any purchase. This is summarised in the diagram below: Figure 1, This model is important for anyone making marketing decisions. 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Theoretical reviewRead MoreAnalysis of Consumer Decision Making Process1581 Words   |  7 PagesIntroduction Consumer decision making process is a list of steps that are carried out by consumers concerning to a potential market transaction, before, during and after the purchase of a product or service. The process includes identifying the problem, collecting information, evaluating the alternatives, making the purchase decision and evaluating post purchase. Generally, decision making is the  cognitive process  of selecting a course of action from among multiple options. As a consumer, I findRead MoreBuyer Decision Process Essay1409 Words   |  6 Pages1. Introduction Whether marketers understand how customers make their purchase decision is a very important issue for a company. It can bring numerous influences to companies for establishing an appropriate marketing strategy. Therefore, the research of each stage of buyer decision process is relevant for all the marketers. Teo and Yeong (2003) point out that the setting up of buyer decision process model can help managers to understand and forecast consumer behaviours, and thereby they can makeRead MoreHow Do Consumers Process And Evaluate Prices?828 Words   |  4 PagesHow do consumers process and evaluate prices? Quite often, consumers purchase goods and services based on their perceived need. Upon making the decision that a need is present and a solution is available consumers are more equipped to react to that need. Although previously perceived that consumers will normally accept prices as presented by suppliers that remains to not be the case. Consumers assess and process prices based on past purchases and other psychological process they went through previously