Consumer buying decision process

CONSUMER BUYING DECISION PROCESS

Made by:Akash sharma

MBA

CONTENTS

1. MEANING OF BUYING DECISION PROCESS

2. STAGES OF CONUMER BUYING DECISION PROCESS

MEANING

A Buying decision process is the process a customer goes through when buying a product. It can be seen as a particular from of a cost-benefit analysis.A buying process is the series of steps that a consumer will take to make a purchasing decision.

STAGES OF CONSUMER BUYING DECISION PROCESS

The five stages framework remains a good way to evaluate the customer’s buying process.

1. NEED RECOGNITION

A purchase cannot take place without the recognition of the need. The need may have been triggered by internal stimuli such as hunger or thirst or external stimuli such advertising.

According to Maslow’s hierarchy, only a when a person has fulfilled the needs at a certain stage, can he or she move to the next stage.

2. INFORMATION SEARCH

This is the buyer’s effort at searching the internal and external business environments to identify and observe sources of information related to the focal buying decision.

Internal search refers to recalling past experiences with the product.

External search is conducted when customer tries to seek information from personal sources (family, friends), commercial sources ( advertisements, sales people) or public sources ( newspapers, television).

3. EVALUATION OF ALTERNATIVES

At this stage, consumers evaluate different products/brands on the basis of varying product attributes, and whether these can deliver the benefits that the customers are seeking.

A factor that heavily influences this stage is the customer’s attitude.

Involvement is another factor that influences the evaluation process.

4. PURCHASE DECISION

In this stage, the Purchase takes place. The final purchase decision can be disrupted by two factors:

Negative feedback from other customers and the level of motivation to comply or accept the feedback.

The decision may be disrupted due to anticipated situations.

5. POST-PURCHASE BEHAVIOUR

At this stage, customers will compare products with their previous expectations and will be either satisfied or dissatisfied.

This can greatly effect the decision process for similar purchases from the same company in the future, having a knock-on effect at the information search stage and evaluation of alternatives stage.