Question

List the phases of the consumer decision making process.

If you were a marketer for a condo time-share business and consumers could change their minds in the first 7 days after purchase for a full refund due to a government mandate.

Which phase would be critical to your business success?

Why?

What actions would you take to mitigate risk in this critical stage?

Answer 1

The phases of the consumer decision-making process are

1)Recognition- Recognizing the need is the most important thing which leads a consumer to the buying process. The consumer must identify the need to create a buying process.

2)Information and search- After the need has been identified, the consumer will search for information on how to satisfy the need.

3)Evaluating alternates- After searching for information, a consumer will evaluate the different products and brands and their various characteristics to choose the right solution.

4)Purchase- After evaluation of the products, the actual purchase takes place.depending on the satisfaction of the consumer with the product.

5)Post Purchase evaluation- After purchasing. the consumer will evaluate his purchase whether it fits his needs, his satisfaction, the easiness of use, damages etc. He will keep the product if he is satisfied and will give it back if it does not meet his standards.

The phase of evaluating alternatives is the most important since this is the phase where a consumer chooses the product or the brand based on its perceived usefulness. This is the decision making phase and here the person compares the brands.

To mitigate the risk, one must try to influence the consumer as much as possible by focusing on product characteristics and value for consumers.