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How do consumer make purchasing Decisions?
Problem recognition
buyer recognises needs triggered by internal or external stimulus
Information Search
Heightened attention
At this level a person simply becomes more receptive to information about a product
Active information searchAt this level a person starts looking for reading material,going online,phoning friends,visiting stores to learn about product
ExperientialHandling,examining,using the product
Information Sources Public
Mass media,consumer-rating organisations
Personalfamily,friends,neighbours
commercialAdvertising,websites,salesperson,dealers,packaging, displays
Market Partitioning
It is the process of identifying the hierarchy of attributes that guide consumer decision making
Successive sets involved in consumer decision making
Evaluation of alternatives
Some basic concepts1) Consumer is trying to satisfy a need2) Consumer is looking for benefits from the
product Solution3) Consumer sees each product as a bundle of
attributes with varying abilities to deliver the benefits
According to the model the consumer evaluates product and services by combining their brand beliefs,the positives and negatives according to importance
Expectancy value model
Example
Purchase decision
Elimination by aspects heuristicsconsumer compares brand on an attribute selected according to its importance and rejects the brand that do not meet minimum cutoff
Lexicographic heuristicsConsumer chooses the best brand on the basis of its perceived most important attribute
Conjunctive heuristicsthe consumer sets a minimum acceptable cutoff level for each attribute and chooses the first alternative that meets the minimum standard of all attributes
Intervening Factors
Thank You
Created by Rishabh Salgia,IIT Bombay,during an internship by Prof.Sameer Mathur,IIM Lucknow
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