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It studies characteristics of individual consumers such as demographics, psychographics, and behavioural variables in an attempt to understand people's wants. STAGES OF THE CONSUMER BUYING PROCESS : STAGES OF THE CONSUMER BUYING PROCESS Consumer buying decision process includes six stages. They are: Problem Recognition Information Search Evaluation of alternatives Purchase Decision Purchase Post-Purchase Evaluation 1. PROBLEM RECOGNITION : 1. PROBLEM RECOGNITION Difference between the desired state and the actual condition. Example: By seeing a commercial for a new pair of shoes, stimulates your recognition that you need a new pair of shoes. Hunger stimulates your need to eat. 2. INFORMATION SEARCH : 2. INFORMATION SEARCH Internal Search: --- Memory External Search: --- Friends and Relatives A successful information search leaves a buyer with possible alternatives, the evoked set. Example: Hungry, want to go out and eat, evoked set is Chinese food Indian food Burger king 3. EVALUATION OF ALTERNATIVES : 3. EVALUATION OF ALTERNATIVES Need to establish criteria for evaluation, features the buyer wants or does not want. Rank/weight alternatives. Example: If you want to eat something spicy, then Indian food gets the highest rank etc… 4. PURCHASE DECISION : : 4. PURCHASE DECISION : Choose buying alternative, includes product, package, store, method of purchase etc. 5. PURCHASE : May differ from decision, time lapse between purchase decision and the actual purchase, product availability. 6. POST-PURCHASE EVALUATION : : 6. POST-PURCHASE EVALUATION : It is the outcome Satisfaction or Dissatisfaction. This can be reduced by warranties, after sales communication etc.Example: After eating an Indian meal, you may think that really you wanted a Chinese meal instead. TYPES OF CONSUMER BUYING BEHAVIOR : : TYPES OF CONSUMER BUYING BEHAVIOR : There are four types of consumer buying behavior, they are : Routine Response/Programmed Behavior Limited Decision Making Extensive Decision Making Impulse buying ROUTINE RESPONSE/PROGRAMMED BEHAVIOR : ROUTINE RESPONSE/PROGRAMMED BEHAVIOR Buying low involvement, frequently purchased, low cost items. Examples : Soft drinks, snack foods, milk etc. 2. LIMITED DECISIONMAKING : 2. LIMITED DECISIONMAKING Buying product occasionally. That is when you need to obtain information about unfamiliar brand in a familiar product category. Example: Clothes--know product class but not the brand. 3.EXTENSIVE DECISION MAKING : : 3.EXTENSIVE DECISION MAKING : Complex high involvement, unfamiliar, expensive and infrequently bought products. Spend a lot of time seeking information and deciding. High degree of risk. Example: Cars, homes, computers, education. 4. IMPULSE BUYING : : 4. IMPULSE BUYING : No conscious planning. The purchase of the same product does not always elicit the same Buying Behavior. Product can shift from one category to the next.For example:Going out for dinner for one person may be extensive decision making (for someone that does not go out often at all), but limited decision making for someone else. The reason for the dinner, whether it is an anniversary celebration, or a meal with a couple of friends will also determine the extent of the decision making. You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.