buying decisions process -q3,4

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HOW DO CONSUMERS MAKE PURCHASING DECISIONS? IN WHAT WAYS DO CONSUMERS STRAY FROM A DELIBRATIVE,RATIONAL DECISION PROCESS? Buying Decisions Process

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HOW DO CONSUMERS MAKE PURCHASING DECISIONS?

IN WHAT WAYS DO CONSUMERS STRAY FROM A DELIBRATIVE,RATIONAL

DECISION PROCESS?

Buying Decisions Process

Five-Stage Model

Problem Recognition

The buying process starts when the buyer recognizes a problem or need triggered by internal or external stimuli.

Information Search

Commercial

Personal

PublicExperimental

Evaluation of Alternatives

Attitude

Belief

Expectancy -Value Model

Purchase Decision

Non-compensatory modelsChoice Heuristics:ConjunctiveLexicographicElimination-by-aspects

Steps between Evaluation of Alternatives and a Purchase Decision

Post purchase Behavior

disappointed

delighted

Satisfied

Post purchase Satisfaction

Post purchase ActionsReturn it

Keep it

But it AGAIN!

How Customers Use or Dispose of Products

Recap

To understand how customers make buying decisions marketers must identify who makes and has put into buying decision; people can be initiators,influencers,deciders,buyers, or users.

Different marketing campaigns might be targeted to each type of person.

6-13

Perceived Risk

FunctionalPhysicalFinancial

SocialPsychologicalTime

6-14

Other Theories of Consumer Decision Making

InvolvementElaboration

likelihood modelLow-involvement

marketing strategies

Variety-seeking buying behavior

Decision HeuristicsAvailabilityRepresentativenessAnchoring and

adjustment

6-15

Mental Accounting

Consumers tend to… Segregate gains Integrate losses Integrate smaller losses with larger gains Segregate small gains from large losses

Disclaimer

Created by,Divya Agarwal,Vasavi College of

Engineering, Hyderabad; during an internship

under Mr. Sameer Mathur, IIM Lucknow.

www.IIMinternship.com

Thank You.