Family Buying Decision Making For Children Essay

This paper looks at the main issues faced by decision makers, analyses them, presents alternatives and makes recommendations based on the analysis.

The decision making process follows the same steps every time a decision is made. The first step is to analysis the problem presented thoroughly (Rossi, Picchi, Di Stefano, Marongiu, & Scarsini, 2015). Questions such as; what is the problem?, and why should the problem be solved? May need to be answered before the person engages in the

- Have at least 5-7 years experience with working as a commercial insurance underwriter, banker, or claims adjustment.

The two theories discussed here will be the Psychodynamic Theory and the Social Learning Theory. Psychodynamic theories include the wisdom of Freud and Jung. Freud discusses, defense mechanisms, understanding the ego as it relates to rational thinking and the superego in regard to mortality. Whereas the Social Learning Theory includes those works from Bandura, Watson, and Piaget among others. This theory will focus on imitation, observation and modeling another’s behavior to achieve a certain desired outcome. Although their conceptual theories differ, they both reflect, shape, and interpret the very essence of the human psyche and how we have evolved and developed over the years.

Research suggests that customers go through a five-stage decision-making process when making any purchase. This is summarised in the diagram below:

Albert Bandura’s Social Learning Theory describes the process through which people acquire new info, forms of behavior, or attitudes from others firsthand or vicariously. The likelihood of a behavior presenting itself will rely on the amount of reinforcement it receives and the value that the individual associates to it. While some behavior may be rewarded, others may produce unfavorable responses. An individual will learn from the consequences of these actions and when a similar situation arises, they will alter their behavior according to what was most successful in the past.

Buying Decision - Before getting into final decision of Purchase what to buy & where to buy, she has to evaluate the Information sources and Products both. There can be priority with following rank-

The decision making process can also be divided into seven steps, where the first step will basically involve defining the problem. These steps allow for the main issue to be identified, and therefore the manager should make sure that it has been done correctly. After the problem identification stage, we can move forward and identify the limiting factors, and in this the manager should make use of all resources available to do it the best way. Some of the resources include information, time, personnel, equipment and supplies. Using this, managers can be able to identify the factors that might hinder them from achieving their goals.

In today’s culture, consumers are very much in charge of their decisions in regards to purchasing. Advancements in technology have not only allowed consumers the capability to research, price shop and purchase products, but have also given businesses the ability to reach a targeted market based on data collection and past purchase history. Given that consumers have the purchase power in today’s society, many businesses have implemented situational factors to influence a consumers buying behavior.

The following explanation is structured based on the decision making model: Define the problem (A), Analyze Alternatives (B), Make a Choice (C), Take Action (D), Evaluate Result (E). For each of the steps in the decision-making process, I will list each situation in order (1-4) stated in Case 9, W-115.

The first step in the decision making process is to gather information about the problem. The best method to acquire this information is from the users through

Thinking critically and making decisions are important parts of today’s business environment. It is important to understand how the decision making process works and the steps involved. The nine steps of the decision making process are: identifying the problem, defining criteria, setting goals and objectives, evaluating the effect of the problem, identifying the causes of the problem, framing alternatives, evaluating impacts of the alternatives, making the decision, implementing the decision, and measuring the impacts. (Decision, 2007.) By using various methods and tools to assist in making important business decisions an individual can ensure the decisions they make will be as successful as possible. In this paper it

Understanding consumer buying behavior entails marketing, relationships, and consumer behavior. Consumer behavior comprises all the consumer decisions and activities connected with the choosing, buying, using and disposing of goods and services. Marketers must pay very close attention to consumer behavior that occurs before the purchase and after the particular product has been used. Studying consumer habits is one of the steps in marketing search and analysis. In addition to other basic principles of consumer buying habits, marketers also need to study the decision and actions of real people. Until recent history the study of consumer behavior was focused on generalized consumer decisions. With

member in a family plays different role in this process. On one hand, as to the basic

The first stage is the decision-process stage. The model is focusing on the five mine decision-process stages: Problem recognition, search for alternatives, alternate evaluation purchase, and outcomes. The consumer does not necessarily have to go through all this stages. The number of stages depends if it is an extended or a routine problem solving behaviour.