Question

Describe the buyer decision process. Think on your last buying decision and classify it according to the "Types of Buying decision behavior", why?

Answer 1

The buying decision process is the decision making process used by consumers regarding the market transactions before , during and after the purchase of good or a service. It can be taken by cost- benifit analysis inthe presence of multiple alternative. Decision making is a psychological. So, while we shopping we focus on various factors.

Herbert A. Simon sees economic decision making as a vain attempt to be rational. He says people's information processing ability is limited. The assumption of a perfectly rational economic actor is unrealistic. Consumers are influenced by emotional and non rational.

There are four types of buying decision behaviour:

1) complex buying decision behaviour = this is on expensive investment or we can say consumer will do some research before buying expensive god like car, consumer also ask about the good from family and friends. This is for expensive goods and services

2) variety seeking buying decision behaviour= consumer involvement is less or low here due to low price and very frequent purchase.Consumers often do a lot of brand switching so consumers wants try out new brands also consumers curiosity buying different goods is high for trying new things like drinks and cookies.

3) Dissonance reducing buying decision behaviour= consumers involvement is very high because might be high price and infrequent purchase also low availability of good. Consumers have not choice to purchase Verity of goods.

4) habitual buying decision behaviour= consumers have low involvement in a purchasing decision. In this case the consumer is perceiving only few significant difference between brands. They either buy their favourite brands or that they use regularly like loaf of bread.

Buying decision depends upon the good that we need our decision are according to the good or service that we purchased.