The Buying Process.ppt.pptx

Consumer Motivation Part II: The Buying Process BMI3C Success Criteria I will be successful when I can………. ●Track a product through the buying process ●Define impulse buying with a real life example ●Differentiate between consumer and industrial motivation The Buying Process ●Before looking ahe...

Consumer Motivation Part II: The Buying Process BMI3C Success Criteria I will be successful when I can………. ●Track a product through the buying process ●Define impulse buying with a real life example ●Differentiate between consumer and industrial motivation The Buying Process ●Before looking ahead; what do you think is involved in the buying process of large purchase, like a car or a new kitchen appliance? The Buying Process ●When a consumer is looking for a major purchase (eg. cars, appliances, etc.), they usually follow the six steps of the buying process Stage 1: Identify a Need/Problem Recognition ● At the first stage in consumer buying behavior, a person begins to recognize a problem or desire ● What kind or problem or desire do you have? ● Only once they’ve identified some problem (i.e. “I’m hungry” or “I need a new coat”) can they begin searching for a solution ● Marketing at this stage is about helping people identify problems • May include “creating” problems (think cosmetics or weight loss products) Stage 2: Criteria ●What are you going to base you decisions on? ●Should you buy a new one or repair the old one? ●What features do you want your new purchase to have? ●How much are you willing to pay? Stage 3: Search for a Solution ● After a problem or desire has been identified, the consumer begins searching for a solution ● The buyer may consider multiple solutions ● The goal at this point in the buying process is to get your product or service in front of the consumer • Make them aware of your solution Stage 4: Evaluate Options ● Once the consumer understands their situation and has researched possible solutions, the buying process enters an evaluation period ● The consumer starts to take a close look at specifics, such as the company providing the solution, the brand name of the product, and the features and benefits of each solution ● Branding and product differentiation are extremely important tools of persuasion during this stage Stage 5: Decide and Purchase (financing) ● After a comprehensive review of solutions and specific products and services, the consumer makes a purchase decision ● At this point in the buying process, supporting information needs to be provided to reinforce the decision to buy ● Depending on your product or service, you may need to provide different payment options or billing terms Stage 6: Evaluate the Purchase ● Was this a good purchase? Would I buy from this company again? ● Marketers want to build strong relationships with customers and encouraging repeat purchases ● Use customer support to strengthen the buyer's perception that they made the right purchase decision ●Buyer’s Remorse: A sense of regret after making a purchase. Activity: 25 minutes You are married with 2 kids and a dog. In your kitchen you have just realized that your ________ has broken and you need a new one. Track the 6 step buying process of the new appliance. The Impact of the Internet ●How does the internet affect the buying process during…. • Stage 2 (information gathering) • Stage 3 (assessing the alternatives) • Stage 6 (post purchase evaluation) Do we think about all of our purchases in this detail? Impulse Buying What do you think impulse buying is? ●Skips over the whole buying process ●A want or need is felt when the product is seen and an immediate impulse decision to buy occurs ●IKEA and the art of buying: ●https://www.youtube.com/watch?v=WYK UJgMRQ7A Discuss with your group. Tell me the last product you bought on impulse. What was it that made you buy this product? (i.e. Was it on sale? Did it satisfy a need or a want?) Personal Plan on Impulse Buying Make up (at minimum) 3 three strategies to help someone avoid impulse strategies. When done, post on Google Classroom. At the end, we’ll read together https://www.youtube.com/watch?v=W1hYB xMuTug