Marketing Intelligence

Q1: Based on Class lecture, slides & text book describe the different stages of the purchase decision-making process.

Different stages of consumer purchasing decision-making process:

There are five stages that comprise the consumer buying decision process:

1) Problem recognition

2) Information search

3) Alternative evaluation

4) Purchase decision

5) Post-purchase behavior.

Each of these stages can be a deliberate action such as researching product options or a subconscious thought like recognizing the juice in the refrigerator has almost run out. A merchant or business must understand the steps a customer goes through to make a purchase. A merchant can influence a customer's purchase by providing targeted information, advertisements or guidance.

1) PROBLEM RECOGNITION:

At the problem recognition stage, the consumer recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire. Recognition of shortage occurs when a consumer becomes alerted to the fact that a product needs to be repurchased. A product such as a suit may wear out. The consumer may run out of an item such as razor blades. Service may be necessary for a product such as an automobile. It may be time for a periodic service such as an eye examination. In each of these examples, the consumer recognizes a need to replenish a good or service.

Recognition of unfulfilled desire occurs when a consumer becomes aware of product not purchased before. The item may improve self-image, status, appearance or knowledge in a manner that has not been tried before (luxury auto, cosmetic surgery, encyclopedia), or it may offer new performance characteristics not previously available (videotape camera, tobacco-free cigarettes). In either case the consumer is aroused by a desire to try something new.

2) Information search:

Customers in the information search stage of the buying process look for solutions to their problems or...