For this he must study the consumer buying decision process or model. It involves five stages. The marketer must recognize the needs of the consumer as well as how these needs can be satisfied. For example if a person is hungry then food is desired or if it is a matter of thirst than water is desirable.
Bring fact-checked results to the top of your browser search. The consumer buying process The purchase process is initiated when a consumer becomes aware of a need.
This awareness may come from an internal source such as hunger or an external source such as marketing communications. Awareness of such a need motivates the consumer to search for information about options with which to fulfill the need. Once alternatives have been identified through these sources, consumers evaluate the options, paying particular attention to those attributes the consumer considers most important.
Evaluation culminates with a purchase decision, but the buying process does not end here.
After a purchase has been made, a satisfied consumer is more likely to purchase another company product and to say positive things about the company or its product to other potential purchasers.
The opposite is true for dissatisfied consumers. Because of this fact, many companies continue to communicate with their customers after a purchase in an effort to influence post-purchase satisfaction and behaviour.
For example, a plumber may be motivated to consider buying a new set of tools because his old set of tools is getting rusty. To gather information about what kind of new tool set to buy, this plumber may examine the tools of a colleague who just bought a new set, read advertisements in plumbing trade magazines, and visit different stores to examine the sets available.
The plumber then processes all the information collected, focusing perhaps on durability as one of the most important attributes. In making a particular purchase, the plumber initiates a relationship with a particular tool company. This company may try to enhance post-purchase loyalty and satisfaction by sending the plumber promotions about new tools.
Business customers Business customers, also known as industrial customers, purchase products or services to use in the production of other products.
Such industries include agriculture, manufacturingconstruction, transportation, and communicationamong others. They differ from consumer markets in several respects. Because the customers are organizations, the market tends to have fewer and larger buyers than consumer markets.
This often results in closer buyer-seller relationships, because those who operate in a market must depend more significantly on one another for supply and revenue. Demand for business goods is derived demand, which means it is driven by a demand for consumer goods. Therefore, demand for business goods is more volatile, because variations in consumer demand can have a significant impact on business-goods demand.
Business markets are also distinctive in that buyers are professional purchasers who are highly skilled in negotiating contracts and maximizing efficiency. In addition, several individuals within the business usually have direct or indirect influence on the purchasing process.
Factors influencing business customers Although business customers are affected by the same cultural, social, personal, and psychological factors that influence consumer customers, the business arena imposes other factors that can be even more influential.
First, there is the economic environmentwhich is characterized by such factors as primary demand, economic forecast, political and regulatory developments, and the type of competition in the market. In a highly competitive market such as airline travel, firms may be concerned about price and therefore make purchases with a focus on saving money.
In markets where there is more differentiation among competitors—e. Second, there are organizational factors, which include the objectives, policies, procedures, structures, and systems that characterize any particular company. Some companies are structured in such a way that purchases must pass through a complex system of checks and balanceswhile other companies allow purchasing managers to make more individual decisions.
Interpersonal factors are more salient among business customers, because the participants in the buying process—perhaps representing several departments within a company—often have different interests, authority, and persuasiveness.
These factors include job position, risk attitudes, and income. The business buying process The business buying process mirrors the consumer buying process, with a few notable exceptions.
Business buying is not generally need-driven and is instead problem-driven. A business buying process is usually initiated when someone in the company sees a problem that needs to be solved or recognizes a way in which the company can increase profitability or efficiency. The ensuing process follows the same pattern as that of consumers, including information search, evaluation of alternatives, purchase decision, and post-purchase evaluation.
However, in part because business purchase decisions require accountability and are often closely analyzed according to cost and efficiency, the process is more systematic than consumer buying and often involves significant documentation.
Typically, a purchasing agent for a business buyer will generate documentation regarding product specifications, preferred supplier lists, requests for bids from suppliers, and performance reviews.Aligning marketing with the consumer decision journey. Developing a deep knowledge of how consumers make decisions is the first step.
For most marketers, the difficult part is focusing strategies and spending on the most influential touch points. The key to a successful marketing campaign lies in consumer behaviour. Marketing to an audience that you don’t truly understand will not get you very far; the only way to reach and connect with a customer, the only way to influence their purchasing decision is to understand their buying behaviour.
Buying Process Every product or service has a buying process, even digital products and services. In this assignment, you will research and analyze the buying process for an online product or service, with which you (as a consumer) are familiar, from a business point of view. Figure "Stages in the Consumer’s Purchasing Process" outlines the buying stages consumers go through.
At any given time, you’re probably in some sort of buying stage. A process that defines various steps through which consumers decide to purchase particular product from a specific product category is termed as consumer buying process (Pride & Ferrell, ). As per consumer buying marketing assignment help tutors the following five steps are included in this process .
Consumer decision making involves a continuous flow of interactions between environmental factors and behavioral actions. The process of consumer decision making involves pre-purchase information and post-purchase outcomes.
The consumer can gather information about a product depending on his age.