Meaning: -consumer
buying process involves a series of steps. The purchase of FMCG goods may
involve a few steps, whereas, in the case of luxury or durable items, the
buying behavior undergoes various steps.
1. Need Identification: -
The consumer buying begins with the need identification. It may come from
internal stimuli (such as hunger, or desire to look good) or an external one
(such as a TV ad, suggestion from a friend) people are driven by buying motives
to fulfill their needs. Therefore, marketers must have a good knowledge of
buying motives that induces people to buy the products.
2. Information Search: - When consumers
identify a need; they may search for information to buy the product. A consumer
may look for information from several sources:
·
Internal
sources:
recalling
from memory, if he/she has satisfied a similar need in the past.
·
Group
Sources:
consulting
other people like family members and friends.
·
Marketing
Sources:
advertisements
and other promotion material.
·
Public
Sources:
Media
publicity, internet and industry reports.
·
Experiential
Sources:
by
experiencing products on trial basis.
3. Listing alternative
Brands:
- A
consumer may list out a few alternative brands that are available in the
market. The brands may be listed after collecting necessary information from
various sources. The information of alternative brands may include; features,
price, model, after-sale-service, warranty, etc.
4. Evaluation of
Alternatives:
- The consumer may evaluate each brand/product against
certain criteria such as features, price, etc. the consumer makes a cost
benefit analysis of each and every short-listed brand. Consumers identify the
product that will deliver the greatest value and satisfaction.
5. Attitudes: -After
evaluation, the consumer may develop an attitude towards the product. Attitudes
are individual feelings and beliefs that would largely influence the consumer
behavior. The attitude may be positive or negative. If the consumer develops
positive attitude, the buying decision process will continue.
6. Trail Purchase: - The
consumer may go for trial purchase to find out whether or not the product meets
his expectation. For instance, in the case of car, he may go for a test drive.
In case of like FMCG product, the consumer may purchase the product on trial
basis.
7.
Purchase
Decision:
- Once
the consumer has narrowed (pointed) down the possible alternatives to just a
few, he/she may make a decision to purchase. The consumer would decide whether
to buy and if so, then what, where and when to buy.
8.
Post-purchase
Behavior:
- Marketers
job is not complete with the purchase decision by the buyer. Marketers must
monitor post-purchase behavior of the customer.
· Post purchase
satisfaction:
Marketer’s
must obtain feedback on customer satisfaction level. If customer satisfaction
level is low, he must make changes in marketing-mix.
