Lo 4-1 Describe the stages in the consumer purchase decision process. Lo 4-2 Distinguish among three...

Lo 4-1 Describe the stages in the consumer purchase decision process.

Lo 4-2 Distinguish among three variations of the consumer purchase decision process: extended, limited, and routine problem-solving.

Lo 4-3 Identify the significant psychological influences on consumer behavior.

Lo 4-4 Identify the significant sociocultural influences on consumer behavior.

Solutions

Expert Solution

1) The consumer purchase decision process is a 5 stage process. The five stages are:

Need Recognition
Information Search
Evaluation of Alternatives
Purchase decision and
Post-purchase behavior

Need Recognition is the stage when the consumer realizes or feels the need to look for a product in order to solve a problem. For example: A person may be finding it difficult to travel using public transport. So, he/she feels the need to find a suitable vehicle.

Information Search is the stage that follows Need Recognition. In this stage, the person will start collecting information from various sources. For example: the person will ask for information from his friends, family, peer group so that he/she makes the right choice.

Evaluation of alternatives is the stage where the person has to compare the various alternatives that are available in the market based on certain criteria like price, quality etc.

Once the comparison has been made, the person will choose which product is the most suitable one for him/her and then finally purchase it.

After purchasing the product, the consumer purchase decision process does not end there. It is followed by the post-purchase decision. In this stage, if the consumer is happy with the product then he/she will spread a positive word-of-mouth about the product and if the person is not satisfied with the product then he/she will spread a negative word-of-mouth. This is also known as cognitive dissonance. If the consumer is happy then it leads to satisfaction.

2) Extended problem solving: This is the situation where the consumer does not have well-established criteria for comparing the products and lot of time, money and other resources will be used to obtain the product. Such kind of variation in consumer decision making can be seen when a person is buying a house, car etc.

Limited problem solving: This is the kind of situation where a person does not require too much time, effort, money or other resources to decide to buy a product. There is requirement of limited amount of information for such kind of purchase decision making. Example: When purchasing a newer version of a mobile phone which one has already used earlier.

Routine problem solving: There are certain products that are purchased on a routine basis like detergents, soaps, biscuits etc. One does not need much effort to decide on such routine purchases.

3) Some of significant psychological influences on consumer behavior are:

Perception
Motivation
Learning
Attitudes and beliefs

4) Some of the significant socio-cultural influences on consumer behavior are:

Family influence
Reference groups
Opinion leaders
Sub-culture
Social class

jeff jeffy answered 1 year ago

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