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Buying Decision Process Explained

   

Added on  2019-10-09

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Buying decision processThere are six steps/ stages of the buying decision process. I have recently bought a car for whichI went through all the stages before making the actual purchase. Problem/need recognitionThe first step is to recognize your need or want for a product. For example, in my case, I realizedthe need for a car.Information searchNext step is to search for all information regarding the product from the market. For example, in my case, I went through various online and print media advertisements, to know the various models available for cars and their relative prices. Also, I gathered information regarding the dealers dealing with selling of cars, and the models of the cars which I can afford and also I searched for financing options like from where can I get a car loan.Evaluation of alternativesOn the basis of the information gathered, the customer needs to evaluate and compare among various alternatives available. For example, in my case, I evaluated various alternatives as to which model of the car is satisfying all my needs.Purchase decision
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This is the stage where the customer takes the decision of buying the product out of all the available alternatives. For example, in my case after going through all the alternatives, I selected a particular model of car to be purchased.PurchaseThe actual purchase is made, once the final purchase decision is being made by the customer. For example, in my case, the car I decided to buy out of all other options available, I bought that car now.Post-purchase behaviorAfter the purchase, the customers compare the products with the expectations they had previously in mind with the product, and on the basis of that, either they will be satisfied or dissatisfied.For example, in my case, I am quite satisfied with the purchase as I analyzed that mycar meets all the expectations that I had in mind while buying it.Model adopted as compared to "The new customers' journey."Unlike the new customers' journey, I have adopted the traditional funnel model, where I had made a list of various brands, their prices offered for the product and then shortlisting them on the basis of my needs.
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