Consumer Decision Making Process Flashcards, test questions and answers

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What is Consumer Decision Making Process?

Consumer decision making is an integral part of the purchase process. Consumer behavior is determined by factors such as psychological, social, cultural and economic influences. During the decision making process, consumers have to decide which product or service they will buy and how much they will be willing to pay for it. Each consumer’s individual circumstances will influence their decisions on what to buy and from whom to buy it from.The consumer decision making process involves five distinct steps: problem recognition, information search, evaluation of alternatives, purchase decision and post-purchase evaluation. Problem recognition occurs when a consumer identifies a need or desire for something that can be satisfied with a particular product or service. This often happens when the consumer notices a difference between their current situation and what they want it to be like in the future; this triggers them to begin searching for solutions that could potentially address their problem. Following problem recognition is information search – this is where consumers research different products/services that could potentially satisfy their needs/desires. They may consult friends & family members or browse online reviews before narrowing down their choices to one or two options; during this stage of the decision-making process, price can also play an important role in determining which option is chosen. Next comes evaluation of alternatives; here consumers compare the features & benefits offered by each option they’re considering in order to determine which one best meets their needs/desires at an acceptable cost. Consumers may also consider subjective factors such as brand reputation & customer service when evaluating alternatives during this stage of the purchase process. The fourth step in the consumer decision making process is making a purchase decision once all potential options have been evaluated & compared against each other (according to both objective & subjective criteria), consumers must make up their mind about which one they’ll actually commit money towards buying (and sometimes even loyalty). Last but not least there’s post-purchase evaluation after buying something, most consumers tend to assess whether or not it was worth spending money on; if satisfaction levels are high then customers are likely continue using said product/service again in future purchases but if not then they may look elsewhere for better value next time around. All-in-all, understanding how people go through various stages while deciding what products/services they should choose helps businesses design marketing campaigns that target specific needs at each stage so as maximize sales conversion rates over time.