How do consumers make buying decisions
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Transcript of How do consumers make buying decisions
HOW DO CONSUMERS MAKE BUYING DECISIONS ?
1 Problem Recognition
(Initial stage that invokes the need for a product)
“Buyer recognizes the problem or a need due to a stimulus.
2.INFORMATION SEARCHQueries that lay the path towards choosing a right
product that would fulfill your needs.
Personal
Gathering information from family, friends.
Public
Gathering information from social , mass media.
Commercial
Gathering information from ads, newspapers.
Experiential
By Handling , examining the product.
3.EVALUATION OF ALTERNATIVES
Customers evaluate the options to see which ones deliver the most desirable attributes
4. Purchase DecisionThis is based on a number of heuristics
Purchasing Decision
▷ Customers may not spend time weighing the pros and cons of the brands.
▷ This is based on a number of heuristics.
Heuristics
Conjunctive
Setting a minimum cut-off level for each attribute.
Lexicographic
Choosing the best brand on the basis of one attribute.
Elimination by Aspects.
Comparing the brands and eliminating the ones that don’t meet the cutoff .
5.INTERVENING FACTORS
Involves reconsideration of evaluation of the product.
Intervening Factors
▷ Due to attitude of others
▷ Unanticipated Situations
Post Purchase Behaviour
ActionNegative or
Positive mouthpublicity
SatisfactionCloseness between
expected and actual
performance
DisposalFaster the
consumption,sooner the re-
purchase
Thank You !Hope you had learnt something useful :)
Credits
Special thanks to all the people who made and released these awesome resources for free:
▷ Presentation template by SlidesCarnival▷ Photographs by Unsplash▷ Google Images
Presentation design
Created By:
Praneeth Ponnekanti , IIITD&M Kancheepuram
During an internship under :
Prof. Sameer Mathur , IIM Lucknow
www.IIMInternship.com