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Questions and Answers
What helped you make a decision towards the company you bought from during your last important purchase?
What are the internal stimuli that can trigger need recognition?
What sources do buyers use during the information search stage?
What is the multi-attribute approach used for in the evaluation of alternatives?
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What influences purchase intention?
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The buyer's post-purchase behavior can affect future purchases and customer loyalty.
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What is cognitive dissonance in the context of post-purchase behavior?
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What triggers need recognition when purchasing a ______?
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Where do you search for information when purchasing a ______?
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Can you give examples of products where you used the multi-attribute approach?
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Describe a situation when you planned a purchase and it did not go through.
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For which purchases did you feel cognitive dissonance?
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Study Notes
Consumer Behavior Model
- The model is a framework to understand how consumers make decisions.
- It consists of five steps:
- Need Recognition
- Information Search
- Evaluation of Alternatives
- Purchase Decision
- Post-purchase Behavior
Need Recognition
- It is the beginning of the buying process.
- The consumer identifies a problem or a need, which triggers the desire to purchase.
- Internal stimuli (memories and experience) and external stimuli (outside environment) influence this stage
- It is triggered by factors like:
- Product out of stock
- Dissatisfaction with previous purchases
- New needs or wants
- Related product purchases
- Advertising and promotions
- New products
Information Search
- Consumers gather information about the product they are considering.
- It can be obtained through:
- Personal Sources: family, friends, neighbors, acquaintances
- Commercial Sources: advertisements, salespeople, dealers, packaging, displays
- Public Sources: restaurant reviews by critics, consumer-rating organizations
- The Internet: the company's website, review platforms, and social media
Evaluation of Alternatives
- Consumers analyze and compare different options based on different approaches.
- The Multi-attribute Approach:
- Each product is considered a bundle of attributes (price, style, safety, features, etc)
- Consumers assign different degrees of importance to each attribute (some features matter more than others)
- Consumers form beliefs about each brand's specific attributes (price, quality, durability, etc)
Purchase Decision
- The consumer ranks the brands in the choice set and forms the intent to purchase.
- Purchase intention can be affected by:
- Unexpected Situations: family influence, unforeseen events, financial constraints, etc.
Post-purchase Behavior
- The consumer uses the product and determines if the purchase was satisfactory.
- It can impact future purchases and customer loyalty.
- If the product meets expectations, the consumer will be satisfied.
- Consumers may voice their satisfaction or dissatisfaction through feedback and reviews.
- Cognitive dissonance (buyer's remorse) is a common feeling after purchasing a product, especially for major purchases.
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Description
This quiz explores the Consumer Behavior Model, highlighting the five key steps consumers take during their decision-making process. Understand the importance of need recognition, information search, and other critical stages that influence purchasing behaviors. Test your knowledge on how internal and external stimuli impact consumer choices.
