consumer buying behavior. three types of decision making process extended problem solving- a...
TRANSCRIPT
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Consumer buying behavior
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Three types of decision making process
• Extended problem solving-
• A purchase decision process in which
customers devote considerable time and
effort to analyze the alternatives.
• Undertaken in case of
• Financial risk
• Physical risk
• Social risk
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• When the decision is going to satisfy an important need
• Little knowledge
• Usually in this type of problem solving-people go beyond their personal knowledge and consult relatives, friends, internet, retailers.
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Limited problem solving
• Moderate amount of effort and time
• Risk is moderate and some prior experience
• Rely more on personal knowledge
• Our majority decisions come under this category
• Impulse buying- buying decision made on spot
after seeing the merchandize.
• 70% of supermarket purchase is impulse buying
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Habitual decision making
• Requires no conscious effort
• Brand loyalty or store loyalty
• Usually reluctant to switch if the
favorite brand is not available.
• Brand loyalty both an opportunity
and problem for retailers
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The buying process
• Need recognition- recognize an unsatisfied
need.
Types of need
1.Functional need- also called rational need
2.Psychological need- also called emotional
need, increases with income
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Information search
• Characteristic of need• Characteristic of customer• Competing brands• Time pressure
• Role of retailer
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evaluation OF ALTERNATIVES
• YOU USUALLY EVALUATE THE PRODUCT AND THE RETAILER TOGETHER
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PURCHASE THE MERCHANDIZE
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POST PURCHASE EVALUATION
• EVALUATES IF THE PURCHASE WAS SATISFACTORY
OR UNSATISFACTORY
• SATISFACTION IS WHEN THE POST CONSUMPTION
EVALUATION MEETS OR EXCEEDSTHE CUSTOMER
EXPECTATION.
• THIS BECOMES A PART OF CUSTOMERS INTERNAL
INFORMATION THAT EFFECTSFUTURE STORE AND
PRODUCT DECISION.
• REINFORCEMENT OF SATISFACTION CAN LEAD TO
STORE LOYALTY.