How do consumers make purchasing decisions?
5-(III) how to consumers make purchasing decisions
Aug 15, 2015
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How do consumers make purchasing
decisions?
The consumer passes through 5 stages during buying process
Problem recognition
Information Search
Evaluation of Alternatives
Purchase decision
Postpurchase behaviour
Problem recognition
A problem or need is triggered by internal
or external stimuli
Internal stimuli- Hunger, thirst.
External stimuli – your friend’s new car!
Marketers need to identify the circumstances
that trigger a need
Information Search
Sources of information can be commercial,
public, personal or experiential
Consumers receive highest amount of info. from
commercial sources,
But most effective info. is from personal sources
Dynamics of the Search process
Total Set
Apple
Dell
HP
Toshiba
Compaq
Awareness set
Apple
Dell
HP
Toshiba
Consideration Set
Apple
Dell
Toshiba
Choice Set
Apple
Dell
Decision
??
Evaluation of Alternatives
Our Belief and Attitudes determine
behaviour towards products
and services
Companies tend to fit their products
into the existing attitude of consumers
Evaluation of AlternativesExpectancy Value Model of attitude formationposits that
Consumers evaluate products by combining their brand beliefs
Say you buy a laptop,you give 50% importance to memory capacity,30% to graphics, 20% to price. Then you rate alternatives based on these factors
Purchase Decision
During purchase , consumers make 5 subdecisions-
Brand
Dealer
Quantity
Timing
Payment Method
Purchase Decision
NONCOMPENSTAORY MODELS OF CONSUMER
CHOICE
Involves choice heuristics(shortcuts)-
Conjunctive Heuristic (deciding a minimum cutoff of an
attribute)
Lexicographic Heuristic ( Based on most important attribute)
Elimination by aspects Heuristic
(probabilistic choice of an attribute based on importance)
Purchase Decision
INTERVENING FACTORS like
Attitude of others towards
product, and
Unanticipated situational factors , like losing job
influence decision
Perceived risks(like financial, physical, functional risks)
influence buyer behaviour
Marketers must provide proper knowledge for risk reduction
Postpurchase behaviour
Marketing communications should supply beliefs that reinforce
the consumer’s choice
Postpurchase satisfaction , actions , use and disposalmust be monitored
Thank you for watching!!
UPLOADED BY SHREYANS DAGA,MNIT JAIPURDURING AN INTERNSHIP BY PROF. SAMEER MATHUR,IIM LUCKNOWVisit www.iiminternship.com
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