Question

A. How does a “Conventional Family” decide where to go on holiday?

Using the five-step consumer decision-making process, describe their “consumer decision-making story”…

(1.Problem (need) recognition 2.Information search 3.Evaluation of alternatives 4.Purchase 5.Post purchase evaluation)

1. What is the need?
2. What are the sources of information used to solve the problem?
3. What criteria are going to be used to evaluate the alternatives?
4. How was the purchase made?
5. What post-purchase behaviour takes place later?

B. In the past few weeks, we have seen frequent news reports and images of consumers "panic buying" toilet paper and other supermarket items. Using a relevant concept or theory from (A simple model of buyer behaviour)(Buyer Decision Process), explain the panic buying phenomenon to your fellow classmates.

Answer 1

1)The need is to spend time relaxing on a vacation.

2)Ths sources of information are the internet, travel agencies, relatives, Brochures, advertisements etc.

3)The criteria to evaluate the alternatives are cost, distance, connectivity, activities, experience etc.

4)The purchase was made through a travel agent.

5)Post-purchase evaluation takes place by sharing of experiences and opinions and reviews. Memories from the holidays whether positive or negative,Hotel facilities, travel facilities.

Panic buying is the herd mentality of buying goods due to the fear of a stock out. People buy in panic in the expectation that they won't get goods in future because others are buying in bulk. This is a consumer behaviour theory in which consumers can either wait or go and buy out. If everyone is acting normal, then there wont be a stock out but if everyone buys , then their theory of panic buying will prove right. Since people prefer safety first, they dont tend to take risks. according to maslows theory, safety needs are second to basic needs and a person feels safe if he sees that he has sufficient stock to last in case of emergency. This is an herd social behavior.