How do customers buy, Marketing Research

Assignment Help:

Q. How do customers buy?

Research advised that customers go through a five-stage decision-making process in any purchase. This is précised in the diagram below:

496_How do customers buy.png

This model is significant for anyone making marketing decisions. It forces the marketer to regard as the whole buying process rather than just the purchase decision (when it may be too late for a business to influence the choice!)

The model entails that customers pass through all stages in every purchase. Nevertheless in more routine purchases customers often skip or reverse some of the stages.

For instance a student buying a favourite hamburger would recognise the requirement (hunger) and go right to the purchase decision skipping information search and evaluation.

Nevertheless the model is extremely useful when it comes to understanding any purchase that requires some thought and deliberation.

The buying process starts with require recognition. At this phase the buyer recognises a problem or need (example we need a new sofa, I am hungry, I have a headache) or responds to a marketing stimulus (example you pass Starbucks and are attracted by the aroma of coffee and chocolate muffins).

An "aroused" customer then requires deciding how much information (if any) is required. If the necessity is strong and there is a product or service that meets the need close to hand then a purchase decision is likely to be made there and then. If not subsequently the process of information search begins.

A customer can acquire information from several sources:

  • Personal sources: friends, family, neighbours and so on.
  • Commercial sources: retailers, dealers, salespeople, packaging, advertising and point-of-sale displays
  • Public sources: newspapers, consumer organisations radio, television and specialist magazines
  • Experiential sources: examining, handling and using the product the usefulness as well as influence of these sources of information will differ by product and by customer. Research suggests that customer's value as well as respect personal sources more than commercial sources (the influence of 'word of mouth'). The challenging task for the marketing team is to identify which information sources are most influential in their target markets.

In the estimation stage the customer must choose between the alternative brands as well as products and services.


Related Discussions:- How do customers buy

Denomination of export contracts, Denomination of Export Contracts: All ex...

Denomination of Export Contracts: All export contracts and invoices shall be denominated in freely convertible currency and export proceeds shall be realised in freely convertible

R Studio help, I am looking for help working on an R Studio problem and do ...

I am looking for help working on an R Studio problem and do not understand the software or statistics at all ; it is for my marketing research class. Can anyone help me with one on

Explain the family decision making, Q. Explain the Family Decision Making? ...

Q. Explain the Family Decision Making? Individual members of families frequently serve different roles in decisions that ultimately draw on shared family resources. A number of

Objective-export credit insurance, Objective After studying this unit, ...

Objective After studying this unit, you should be able to: 1.  Explain the meaning of credit risk; 2.  Describe various types of policies issued by ECGC; 3.  Explain t

Design of a specific marketing research methodology, Question 1: "Marke...

Question 1: "Marketing Research is a systematic and planned formal approach to the collection of marketing information." This implies that there is a formal marketing research

Importance of data cleaning in preliminary data analysis, Discuss importa...

Discuss importance of data cleaning  in preliminary data analysis In most surveys, it takes place so that respondent has either provided ambiguous response or response has bee

Export of spares, Export of Spares: Warranty spares, whether indigenous or...

Export of Spares: Warranty spares, whether indigenous or imported, of plant, equipment, machinery, automobiles or any other goods may be exported upto 7.5% of the FOB value of the

Refund of central excise, REFUND OF CENTRAL EXCISE : Refund of central exc...

REFUND OF CENTRAL EXCISE : Refund of central excise is an important fiscal incentive for export promotion. As you know, exports should not bear the burden of indirect taxes. Hence

Procedure for taming a policy, PROCEDURE FOR TAMING A POLICY : An intendin...

PROCEDURE FOR TAMING A POLICY : An intending exporter should fill in a proposal form (no. 12 1) available with all ECGC offices and submit it to the nearest office. After examinin

Analyse how globalisation influenced policies of a bank, Critically evaluat...

Critically evaluate the impact of globalisation (i)  Analyse how globalisation influenced policies and decision making on State Bank of India. (ii) Critically undertake the u

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd