Buying Decision Process Flashcards, test questions and answers
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What is Buying Decision Process?
Buying decision process is the series of steps that a person takes when deciding to purchase a product or service. It involves researching different products and services, evaluating their features and prices, comparing them with other similar offerings, selecting one’s preferred option and then purchasing it. The buying decision process is an important part of the consumer behavior in marketing as it helps marketers understand how customers make decisions. By understanding this process, marketers can develop better strategies for targeting potential customers. The buying decision process usually consists of five stages: need recognition, information search, evaluation of alternatives, purchase decision and post-purchase evaluation. Need Recognition: This stage is where consumers recognize a problem or unsatisfied need which motivates them to buy something to fulfill that need. This could be anything from needing food before lunchtime to wanting the latest smartphone on the market. Information Search: After recognizing a need, consumers will start searching for information related to products or services they may consider purchasing. They may compare different brands online or ask friends and family for recommendations depending on their needs and preferences. This stage also includes reading reviews about products/services as well as looking at product specifications/features in order to make an informed purchase decision later on in the buying cycle. Evaluation of Alternatives: In this step, people begin narrowing down their options by evaluating each alternative against established criteria such as price point or quality level. Consumers will often decide whether they want basic or premium versions of a particular item based on what suits their needs best during this stage in the buying cycle. Additionally, they might choose between multiple brands if there are several available options within similar price points too. Purchase Decision: Once all evaluation criteria has been met and compared across all potential alternatives (including budget constraints), customers will finally decide which item they want most from those available choices thus making their final purchase decision. At this point all that’s left is actually going ahead with payment for whatever it was they decided would be best suited for them personally given all factors taken into account throughout this whole process so far Post-Purchase Evaluation: After actually making the transaction itself (whether online or in-person) customers will usually take some time afterwards – either immediately after receiving/using whatever was purchased OR over a period days/weeks – to assess how satisfied they are with said item overall; thus completing the entire buying cycle altogether.