Did you know that we, as consumers, typically go through a 4-pronged process once we set out to make a purchase?
Indeed, the Consumer Decision-Making Process consists of the following steps:
1. Need Recognition: A need is identified -- say, to buy something to wear for a job interview -- that the consumer now aims to satisfy.
2. Information Search: Now that the need has been established, the next step is to due my due diligence on what "look" would be appropriate for the firm in question. Obviously, I would have to research the company and see whether it would be more appropriate to wear business attire or something a little less formal. I can do this by either looking online or asking people who have worked there at one point or another. If I'm interviewing with an advertising agency, it's likely they'll be much more accepting of a polo shirt and jeans than a mutual funds firm would.
3. Evaluation of alternatives: Assuming I determined that a business suit would be appropriate, I then have to investigate the different brands I could choose from. As consumers, we not only look at color, design, and other visual elements, For example, I may find that Calvin Klein and Vera Wang suits are not only to my liking aesthetically but also fall within my price range. Consumers are known to consult friends and relatives as far as their product and brand preferences before conducting their own research online or via other channels.
3. Purchase Decision: After a great deal of research, I may decide to go with a Calvin Klein suit. My reasons for settling on that brand may be quite varied. For example, I own a wealth of Calvin Klein products -- from colognes to polo shirts -- and none have ever disappointed me. The only trade-off may be that even though it still falls within my budget, I am foregoing a cheaper Vera Wang suit.
4. Post-Purchase Evaluation: Once the product is in our possession, one of two things can happen (1) We're happy with our purchase and use it gladly whenever the need strikes, or (2) A feeling of buyer's remorse comes over us and prompts us to return the product or buy a different brand. I actually bought a Calvin Klein suit earlier this year and am most satisfied with my buy. However, in the past, I've grown so dissatisfied with certain purchases (e.g. jeans) that I've ultimately ended up returning or exchanging it.
All of us go through these four stages when a need arises to buy a product -- even though we may not be acquainted with the actual framework listed above.
Which sources do you consort before buying a new product? Do you often get buyer's remorse once the product is yours?
Indeed, the Consumer Decision-Making Process consists of the following steps:
1. Need Recognition: A need is identified -- say, to buy something to wear for a job interview -- that the consumer now aims to satisfy.
2. Information Search: Now that the need has been established, the next step is to due my due diligence on what "look" would be appropriate for the firm in question. Obviously, I would have to research the company and see whether it would be more appropriate to wear business attire or something a little less formal. I can do this by either looking online or asking people who have worked there at one point or another. If I'm interviewing with an advertising agency, it's likely they'll be much more accepting of a polo shirt and jeans than a mutual funds firm would.
3. Evaluation of alternatives: Assuming I determined that a business suit would be appropriate, I then have to investigate the different brands I could choose from. As consumers, we not only look at color, design, and other visual elements, For example, I may find that Calvin Klein and Vera Wang suits are not only to my liking aesthetically but also fall within my price range. Consumers are known to consult friends and relatives as far as their product and brand preferences before conducting their own research online or via other channels.
3. Purchase Decision: After a great deal of research, I may decide to go with a Calvin Klein suit. My reasons for settling on that brand may be quite varied. For example, I own a wealth of Calvin Klein products -- from colognes to polo shirts -- and none have ever disappointed me. The only trade-off may be that even though it still falls within my budget, I am foregoing a cheaper Vera Wang suit.
4. Post-Purchase Evaluation: Once the product is in our possession, one of two things can happen (1) We're happy with our purchase and use it gladly whenever the need strikes, or (2) A feeling of buyer's remorse comes over us and prompts us to return the product or buy a different brand. I actually bought a Calvin Klein suit earlier this year and am most satisfied with my buy. However, in the past, I've grown so dissatisfied with certain purchases (e.g. jeans) that I've ultimately ended up returning or exchanging it.
All of us go through these four stages when a need arises to buy a product -- even though we may not be acquainted with the actual framework listed above.
Which sources do you consort before buying a new product? Do you often get buyer's remorse once the product is yours?
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