Provide an overview of the consumer decision-making process

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Reference no: EM133692601

Homework: Business and Finance- Marketing

In this homework, you will explore and analyze the consumer decision-making process, including factors influencing consumer decisions and the application of relevant theories. Additionally, you will create a graph to visually represent one aspect of the process and provide a real-world example to illustrate your analysis.

Task:

I. Introduction to Consumer Decision-Making Process: Provide an overview of the consumer decision-making process, including the stages involved such as problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation.

II. Factors Influencing Consumer Decisions: Discuss the internal and external factors that influence consumer decisions, such as individual preferences, perceptions, attitudes, social influences, cultural norms, economic factors, and situational factors.

III. Application of Theory: Apply a relevant consumer behavior theory (e.g., Howard-Sheth Model, Engel-Kollat-Blackwell Model, or Consumer Decision Journey) to explain how consumers move through the decision-making process. Provide examples to illustrate each stage of the chosen model.

IV. Real-World Example: Select a product or service and provide a real-world example to demonstrate how consumers go through the decision-making process. Describe how each stage of the process applies to the chosen example, including problem recognition, information search sources, evaluation criteria, purchase decision factors, and post-purchase evaluation.

V. Graph Creation: Create a graph that visually represents one aspect of the consumer decision-making process. You can choose to illustrate the stages of the decision-making process, the influence of different factors, or any other relevant aspect. Be sure to provide a clear title, labels, and a brief explanation of the graph.

VI. Analysis and Conclusion: Analyze the significance of understanding the consumer decision-making process for marketers and businesses, using insights from your example. Reflect on how insights into consumer behavior can inform marketing strategies and enhance customer satisfaction. Conclude with a summary of key findings.

Reference no: EM133692601

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