Question

Basic psychological processes play an important role in understanding how consumers make decisions. Marketers must therefore understand the different facets of consumer behaviour. With regards to the statement use the five stage model to explain the consumer buying process. (40)

Answer 1

Understanding the consumer’s buying process is essential for marketing and sales.

The consumer decision process will enable to set a marketing plan that convinces them to purchase the product or service for fulfilling the buyer’s or consumer’s problem.

Consumer go through 5 stages in making decision on purchasing any product or service

5 Stages are

1. Problem Recognition
2. Information Search
3. Evaluation of alternatives
4. Purchase Decision
5. Post purchase behavior.

1. Problem /Need Recognition:

It is first stage in which consumer recognises problem/need.The marketer must recognize the needs of the consumer as well as how these needs can be satisfied.

2.Information Search:

In this stage,consumer searches the information about the product either from family, friends, neighborhood, advertisements, whole seller, retailers, dealers, or by examining or using the product. This stage is very crucial one .

3.Evaluation of Alternatives:

After getting enough knowledge, consumer shall evaluate various alternatives based on their satisfying power and quality .

4.Purchase Decision :

In this stage after evaluating the alternatives the buyer buys the suitable product. But there are also the chances to postpone the purchase decision due to some reasons. In that case the marketer must try to find out the reasons and try to remove them either by providing sufficient information to the consumers or by giving them guarantee regarding the product to the consumer.

5.Post Purchase behavior:

​​​​​​This is last stage of the process,after buying the product consumer will either be satisfied or dissatisfied. If the consumer is not satisfied in that case he will be disappointed otherwise If he is satisfied than he will be delighted. Therefore it is the duty of the marketer to satisfy consumer.

• Based on the moves of consumers Marketer should act accordingly to satisfy consumer needs and increase market share of business
• All factors considered by consumer must be considered by marketer and used while planning and implementing strategy in the organisation, Consumer Satisfaction and profitability is equally important to Marketer .