The Consumer Buying Decision Process

1075 Words5 Pages
Supply and demand is the amount of a commodity, which determines how consumers and suppliers interact with each other. Supply can mean a stock of a resource which a person or place can provide. Demand is known for needs or costumer’s desires. Supply and demand model can help the people analyze what their country is facing at the moment. However, for supply and demand, you need to determine three things, buyer’s behavior, seller’s behavior, and how buyers and sellers actions affect price and quantity. There are six stages of the consumer buying decision process. The first step of consumer buying process is need recognition. Problem recognition is the difference between the desired state and actual condition. At that point consumers are…show more content…
The third step is evaluation, which features what the buyer wants or does not want. For example, if the person is not satisfied with their choice, they can return to the search phase. The fourth step is purchase decision, which determines the product, how well it’s packaged, the store, and method of purchase. Fifth stage of the consumer buying process is the purchase. The last step is the evaluation of the product, if the consumer is satisfied or dissatisfied. Besides the six stages of the consumer buying decision process, types of consumer behavior is vital as well. There are four types of consumer buying behavior routine response, limited decision making, extensive decision making, and impulse buying. Routine response is buying frequently purchased low cost items. For example, food like eggs, bread, and egg. Limited decision is another consumer behavior, buying clothes is an example of that. Extensive decision is one of the most complex behaviors compared to the other decisions. This involves unfamiliar territory such as buying cars or houses, or paying for education. Last but not least is impulse buying, which means buying no conscious planning. For example, consumer buyer behaviors are determined by level of involvement and buyer’s level of involvement. Level of involvement is the importance and interest in a product during the moment. Buyers level decides why he or she is motivated to look up
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