Consumer Behavior and Buying Decision Process
Consumer behavior includes the acts and individuals directly involved in obtaining goods and services including a sequence of the decision process. It is important in marketing how a consumer makes a buying decision and which all parameters are been considered by a consumer to buy a particular product
The following are steps involved in Consumer Buying Decision Process
1. Problem Recognition
It’s in fact, the beginning of the buying process It is a perception. We realize what we should ideally have and what we have at present. The decision to buy a particular product depends on the necessity of that product to the buyer from FMCG to a luxury product
2. Information Seeking
This follows the problem recognization stage. The search is mostly directed toward the products that are consistent with our needs. The amount and type of information that is collected are related to the product in relation to the need for the product information that can be gathered by ads, visiting the store through the internet, or by talking with your friends.
3. Evaluation of Alternatives
When the consumer seeks information he realizes the alternative choices available and gets the background against which choices can be made.The brand that consumer considers while making a purchase decision forms an evoked set which is a small proportion of the total available brands. Promotion, especially advertising provides information to consumers enabling them to evaluate
4. Buying Decision
After the alternative choices are evaluated The brands are ranked & the top-ranking brand may be purchased. Ultimate buying decisions may undergo a change if the preferred brand is not available.
5. Post-Purchase Evaluation
Now the product has been bought and consumed. It is the stage for post-purchase evaluation. The consumer may either be satisfied or dissatisfied. A satisfied consumer stores the product information in his memory and uses it next time at the time of the problem recognition stage. A dissatisfied consumer may go in for another brand next time he is out to buy. He will seek additional & will consider another set of brands