Consumer Decision Making Process Essay

1449 Words6 Pages
Consumer Decision Making Process A key factor in successfully marketing new/existing products or implementing a product Extension is a thorough understanding of the motivation, learning, memory, and decision Processes that influence consumers purchasing behavior. Consumer purchasing behavior theories have found their way into managerial decision making to help companies more effectively develop and launch new products, segment the market, determine market entrance and in brand management. Therefore, a better understanding of how consumers decide what to purchase is critical to the success of a product. There are numerous theories and models describing the consumer purchasing decision…show more content…
The extent of the information search is typically related to the cost of the product and the consumer’s prior knowledge and experience with the product and/or product category. This is the process where the consumer will develop their purchase set, or group of products that they will consider purchasing. If a consumer is considering the purchase of a pick-up truck, at this stage they will collect information and research automobile manufacturers and their trucks. However, the information search may be less extensive when the consumer considers purchasing less-expensive or daily-use items. Marketers can significantly impact the decision process by providing product information. Detailed product information, available product features/attributes and benefits may satisfy potential consumers need for information. Marketing at this step allows companies to “toot their own horn” to a degree and explain the advantages of their product. In some instances, companies compare their product to competing products to help the consumer realize that their product is clearly superior to its competitors. One consideration is that comparison information maybe misinterpreted or may confuse potential consumers. If this happens, the potential consumer might mistake the competing
Open Document