Analyzing consumer markets - The buying decision process: the 5-stage model
3 important questions on Analyzing consumer markets - The buying decision process: the 5-stage model
What are the 5 stages of the consumer buying process?
- Problem recognition
- Information search. From personal, commercial, public or experience sources.
- Evaluation of alternatives
- Purchase decision
- Postpurchase behavior
Sometimes customers skip some stages, e.g. when you buy your usual brand of toothpaste.
What are the 2 levels of engagement in searching?
- Heightened attention: when a person becomes more receptive to information about a product.
- Active information search: looking for reading material, phoning friends, going online.
By what risks is a customer's decision to modify, postpone or cancel a purchase influenced?
- Functional risk: product doesn't perform to expectations.
- Physical risk: product poses a threat to physical well-being or heath.
- Financial risk: product is not worth the price paid.
- Social risk: product results in embarrassment in from of others.
- Psychological risk: product affects mental well-being.
- Time risk: failure of the products causes a need for replacement.
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