In: Finance
Explain the steps and types of consuming buying behavior. What do you think about the purchase pattern while a consumer buys a mobile phone? Is it different than buying motorbike? Elaborate.
In marketing terms, the consumer buying behaviour can be grouped into 6 steps:
1) Problem recognition
2) Information search
3) Evaluation of alternatives
4) Purchase decision
5) Purchase
6) Post purchase evaluation
Types of consumer buying behaviour:
1) Informed consumers where they know about the detailed knowledge of different products and make the informed decision.
2) A case where the consumer is highly informed but find little to no difference between various products and hence make the buying decision fairly quickly.
3) Loyal consumers as they are not very informed but they buy the product of one particular brand.
4) The variety loving consumers as they see a lot of differences between different brands and hence switch between various brands fairly quickly.
Buying a mobile phone:
The following factors play a role to make a process of buying a mobile phone:
1) Price
2) Social Factors
3) Durability
4) Brand name
5) Product features
6) After sales
This is more or less similar to buying a motorbike as all the factors listed above are relevant to motorbike buying decision as well.