Term Paper: Consumer Decision-Making Process

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Consumer Decision-Making Process

In marketing, understanding consumer behavior is vitally important. Indeed, consumers drive markets, and understanding their behavior can determine the success of the marketing effort. According to the marketing literature, there are generally six stages a buyer goes through in the decision to purchase a product or service. Furthermore, these stages are affected by elements such as personal, psychological and social factors. Marketers need to take all these into account to create successful marketing strategies.

The six stages of the consumer buying decisions include problem recognition, information search, evaluation of alternatives, purchase decision, decision, and post-purchase evaluation. It is also important to recognize that, depending upon the complexity of the purchasing decision, these stages are not necessarily included in every purchase process, nor is purchase necessarily the outcome of the process.

Problem recognition entails the consumer's understanding that there is a need or lack that must be filled. The consumer will then embark upon a search for products or services that can fill this need. If necessary, the consumer's internal search or memory is supplemented by an external search, which may include friends and family, as well as a further search of for example public sources. For this stage, it is important for marketers to impress the public with the quality of products and services, which will then be perpetuated by word of mouth.

Another important stage, from the marketing perspective, is the evaluation of alternatives. A buyer compares similar products and services offered by different companies in order to make a purchasing decision. In this stage, it is important to impress the customer with the best value for money. This is an important concept, as offering a product or service at a price that is too low may affect the consumer's perception of value negatively, while a price that is too high may discourage the purchase decision if the same value is offered for a lower… [END OF PREVIEW]

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Consumer Decision-Making Process.  (2007, July 2).  Retrieved December 10, 2019, from https://www.essaytown.com/subjects/paper/consumer-decision-making-process/82695

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"Consumer Decision-Making Process."  2 July 2007.  Web.  10 December 2019. <https://www.essaytown.com/subjects/paper/consumer-decision-making-process/82695>.

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"Consumer Decision-Making Process."  Essaytown.com.  July 2, 2007.  Accessed December 10, 2019.