Question

What factors can influence the process of consumer decision making and how consumer comes to final selection of product. Justify your answer with examples

Answer 1

Answer:

The consumer decision-making process involves five basic steps. This is the process by which consumers evaluate making a purchasing decision. The 5 steps are problem recognition, information search, alternatives evaluation, purchase decision and post-purchase evaluation.

Explanation:

1. The first step of the consumer decision-making process is recognizing the need for a service or product. Need recognition, whether prompted internally or externally, results in the same response: a want. Once consumers recognize a want, they need to gather information to understand how they can fulfil that want, which leads to step two.

2. When researching their options, consumers again rely on internal and external factors, as well as past interactions with a product or brand, both positive and negative. In the information stage, they may browse through options at a physical location or consult online resources, such as Google or customer reviews.

3. At this point in the consumer decision-making process, prospective buyers have developed criteria for what they want in a product. Now they weigh their prospective choices against comparable alternatives. Alternatives may present themselves in the form of lower prices, additional product benefits, product availability, or something as personal as colour or style options.

4. This is the moment the consumer has been waiting for: the purchase. Once they have gathered all the facts, including feedback from previous customers, consumers should arrive at a logical conclusion on the product or service to purchase. If you’ve done your job correctly, the consumer will recognize that your product is the best option and decide to purchase it.

5. 5. Post-purchase evaluation this part of the consumer decision-making process involves reflection from both the consumer and the seller. As a seller, you should try to gauge the following: Did the purchase meet the need the consumer identified? Is the customer happy with the purchase? How can you continue to engage with this customer?