how do consumers make purchasing decisions?

ANALYSING

MARKETS

THE BUYING DECISION PROCESS

FIVE STAGE MODEL

PROBLEM RECOGNITIONTHE BUYING PROCESS STARTS WHEN BUYER

RECOGNISES A PROBLEM BY INTERNAL OR EXTERNAL STIMULI

INTERNAL STIMULUS

ONE OF THE PERSON’S NORMAL NEEDS

HUNGER

THIRST

EXTERNAL STIMULUS

A PERSON ADMIRING FRIEND’S CAR AND PROBABLY MAKING DECISION TO PURCHASE

INFORMATION

INFORMATION SOURCES

PERSONALFRIENDS AND FAMILY

COMMERCIALADVERTISING

PUBLICCONSUMER RATING ORGANISATION

EXPERIENTIALUSING THE PRODUCT

EVALUATION OF ALTERNATIVES

EXPECTANCY-VALUE MODEL

PURCHASE DICISION

INTERVENING FACTORS

ATTITUDE OF OTHERSPOSITIVENEGATIVE

PERCEIVED RISCFUNCTIONAL RISK PHYSICAL RISKSOCIAL RISKTIME RISC

POST PURCHASE BEHAVIOUR

DISAPPOINTED

SATISFIED

DELIGHTED

POST PURCHASE ACTION

BUY THAT PRODUCT.SERVICES ARE BEST

+ WORD OF MOUTH - WORD OF MOUTH

NEVER BUY THAT PRODUCT. SERVICES ARE WORST

POST PURCHASE USES AND DISPOSAL

SUMMARY

THE TYPICAL BUYING PROCESS CONSIST OF FOLLOWING SEQUENCE OF EVENTS:: PROBLEM RECOGNITION, INFORMATION SEARCH, EVALUATION OF ALTERNATIVES, PURCHASE DECISION, POST PURCHASE BEHAVIOUR. THE MARKETERS JOB IS TO UNDERTAND THE BEHAVIOUR AT EACH STAGE AND MAKE CONSUMERS SATISFIED.