Examples of Purchase Decision Process in the following topics:
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- Post-purchase behavior is when the customer assesses whether he is satisfied or dissatisfied with a purchase.
- An example of cognitive dissonance is when a customer might feel compelled to question whether he has made the right purchase decision.
- Post-purchase behavior is the final stage in the consumer decision process when the customer assesses whether he is satisfied or dissatisfied with a purchase.
- A customer will also be able to influence the purchase decision of others because he will likely feel compelled to share his feelings about the purchase.
- For example, the customer might feel compelled to question whether he has made the right decision.
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- During the purchase decision stage, the consumer may form an intention to buy the most preferred brand or product.
- The purchase decision is the fourth stage in the consumer decision process and when the purchase actually takes place.
- According to Philip Kotler, Keller, Koshy and Jha (2009), the final purchase decision, can be disrupted by two factors:
- The decision may be disrupted due to a situation that one did not anticipate, such as losing a job or a retail store closing down.
- This is also a time during the which the consumer might decide against making the purchase decision.
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- The purchasing process is different in both cases and the following is a list of the stages involved in B2B buying:
- Results become feedback for other stages in future business purchasing decisions
- This 5 step process is mainly used with new-task purchases and several stages are used for modified rebuy and straight rebuy.
- In order to entice and persuade a consumer to buy a product, marketers try to determine the behavioral process of how a given product is purchased.
- Additionally, the purchasing office / manager may have to justify a purchasing decision.
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- In consumer marketing, lifestyle is considered a psychological variable known to influence the buyer decision process for consumers.
- However, in consumer marketing, lifestyle is considered a psychological variable known to influence the buyer decision process of consumers.
- Lifestyle is also referred to as a buyer characteristic in the Black Box Model, which shows the interaction of stimuli, consumer characteristics, decision process, and consumer responses.
- The buyer's "black box" contains the buyer characteristics (e.g., attitudes, motivation, perception, lifestyle, personality, and knowledge) and the decision process (e.g., problem recognition, information research, alternative evaluation, purchase decision, and post-purchase behavior) which determine the buyer's response (e.g., product choice, brand choice, dealer choice, purchase timing, and purchase amount).
- The Black Box Model considers the buyer's response as a result of a conscious, rational decision process, in which it is assumed that the buyer has recognized the problem.
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- Extensive Decision Making Purchasing Behavior: examples include cars, apartments, and electronic equipment.
- It attempts to understand the buyer decision making process, both individually and in groups.
- The relevant internal psychological process that is associated with purchase decision is integration.
- Once the integration is achieved, the organization can influence the purchase decisions much more easily.There are 5 stages of a consumer buying process [5] they are: The problem recognition stage, meaning the identification of something a consumer needs.
- The choice to purchase the product and then finally the actual purchase of the product. [6] This shows the complete process that a consumer will most likely, whether recognisably or not, go through when they go to buy a product.
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- A buying center is a group of people within an organization who make business purchase decisions.
- Many people are involved in the daily transactions and the purchase decisions both on the buying side and the selling side.
- A buying center is a group of employees, family members, or members of any type of organization responsible for finalizing major purchase decisions.
- Users - The users will be the ones to use the product, initiate the purchase process, generate purchase specs, and evaluate product performance after the purchase.
- The chairman of the Hong Kong Stock Exchange is an example of a member in an organization responsible for finalizing major purchase decisions.
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- Operations management is the management of processes that transform inputs into goods and services that add value for the customer.
- For example, if an organization makes furniture, some of the operations management decisions involve the purchasing of wood and fabric, the hiring and training of workers, the location and layout of the furniture factory, and the purchase of cutting tools and other fabrication equipment.
- If the organization makes good operations decisions, it will be able to produce affordable, functional, and attractive furniture that customers will purchase at a price that will earn profits for the company.
- In another example, the owners of a restaurant must make important decisions regarding the location, layout, and seating capacity of the restaurant, the hiring, training, and scheduling of chefs and servers, the suppliers of fresh food at the right prices, and the purchase of stoves, refrigerators, and other food preparation equipment.
- If the restaurant owners make good operations decisions, they will be able to meet their customers' needs for delicious and affordable food that is served in a pleasing atmosphere.
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- The process of making decisions is a complex psychological and sociological process, evolved both internally and externally.
- As a result, the decision-making process is inherently differentiated across cultural groups, and these cross-cultural deviations are critical to understanding negotiations, conflicts, influences and motivations.
- The Dispositional Model - Those who ascribe to this perspective acknowledge cultural differences in decision-making processes, alongside supporting additional research down this venue.
- Reason - Reason does not always factor in equally among different cultures, particularly pertaining to purchasing.
- Decision making in different cultures is the result of both the decision-making models and the decision-making factors.
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- Business customers also purchase a wide variety of different services, depending on their business needs.
- Because B2B sales cycles can extend over months and even a few years, the business customers are more cautious and rational in their purchasing decisions than day-to-day consumers.
- Predicting customer purchase behavior also allows B2B companies to segment industrial markets.
- Companies and organizations face challenges in business market segmentation since B2B markets face greater complexity in buying processes, buying criteria and actual products and services.
- The goal for every industrial market segmentation scheme is to identify the most significant differences among current and potential customers and/or suppliers that will influence their purchase decisions or buying behavior, while keeping the segmentation approach as simple as possible.
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- Countless operations decisions that have both long-term and short-term impacts on the organization's ability to produce goods and services that provide added value to customers must be made.
- If the organization has made mostly good operations decisions in designing and executing its transformation system to meet the needs of customers, its prospects for long-term survival are greatly enhanced.
- Major operations decisions areas include inventory, capacity, quality, scheduling, process type, technology, location, layout, and supply chain management.
- Each of these nine decision areas will be discussed in this section.
- For example, a restaurant that specializes in serving fresh fish needs to make careful purchasing decisions so it has enough fresh fish each day to serve its customers, but not so much that unsold fish must be severely discounted or discarded at the end of the day.