Consumer Buying Behavior

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Presentation transcript:

Consumer Buying Behavior Chapter 4

Six Stages of the Buying Process Need recognition Information search Evaluation Choice Visit Loyalty

1- Need recognition Types of needs - utilitarian needs / hedonistic needs Consumers may have conflicting needs Various things may trigger or stimulate need recognition

2-Information Search the amount of information search depends upon the amount to be gained by searching vs the cost of searching Information sources may be internal or external retailers seek to limit the information search (ex - price matching)

3-Evaluation of Alternatives Multiattribute attitude model - customers view a retailer, product or service as a collection of attributes or characteristics. Importance weights - the importance of a retailer’s/product’s benefits differs for each customer and may also differ for each shopping trip. Consideration Set - the set of alternatives the customer evaluates when making a selection.

4- Select Merchandise Using your information and evaluation, make a selection of the merchandise and/or retailer

5 - Visit/Purchase Visit the chosen establishment/website and make the purchase

6 - Loyalty / Postpurchase Evaluation After making a purchase, the customer uses the product and then evaluates the experience to determine whether it (the product and/or experience) was satisfactory or unsatisfactory. This postpurchase evaluation will determine loyalty, future store and product decisions, and referrals.

Types of Buying Decisions Extended Problem Solving - a purchase decision process in which customers devote considerable time and effort to analyze their alternatives. Limited problem solving - a purchase decision involving a moderate amount of time and effort. Impulse Buying - a buying decision is made on the spot after seeing the merchandise.

Habitual decision Making A purchase decision involving little or no conscious effort. Brand Loyalty - customers like and consistently buy a specific brand in a product category. Store Loyalty - customers like a habitually visit the same store to purchase a type of merchandise