- Problem recognition
- Information search
- Alternatives evaluation
- Purchase decision
- Post-purchase evaluation
What are the 5 main factors that influence purchasing decisions
These factors are namely Psychological, Social, Cultural, Personal, and Economic factors.
How do you increase customer involvement?
- Create great customer experiences
- Make your brand relatable and meaningful
- Use push notifications
- Take advantage of conversational marketing
- Focus on retention
- Sharpen your social media marketing
- Capture hearts and minds with video
What is situational involvement
Situational involvement reflects temporary feelings of heightened in- volvement that accompany a particular situation (Houston & Rothschild, 1978).
El and SI relationships have not been widely studied, in part because additional conceptual development is necessary with respect to the latter concept.
What do marketers do in dissonance reducing buying behavior?
- Marketing Strategy
- Motivation
- Quality Control
- Customer
- Capacity Management
- Work Life Balance
What causes poor decision making
Past experiences: The choices people are often very influenced by the experiences that they have had in the past.
In many cases, they might base their choices on things that worked previously. Multitasking: Trying to juggle too much at once can have cognitive costs, making poor decisions more likely.
What are the three 3 types of consumer buying decisions?
- Nominal Decision-Making
- Limited Decision-Making
- Extended Decision-Making
What are the four major types of business markets?
- Perfect Competition
- Monopolistic Competition
- Monopoly Competition
- Oligopoly Competition
- The Bottom Line
What are the 5 stages of consumer buying decision process?
- Stage 1: Problem Recognition
- Stage 2: Information Gathering
- Stage 3: Evaluating Solutions
- Stage 4: Purchase Phase
- Stage 5: The Post-Purchase Phase
What is the oldest marketing concept
The Production concept. This concept is the oldest of the concepts in business. It holds that consumers will prefer products that are widely available and inexpensive.
What are the 3 types of decision making in marketing
The three types are nominal decision making, which requires little to no search for alternatives; limited decision making, which requires some but not much of a search for alternatives; and extended decision making, which requires extensive evaluation of alternatives and post-purchase evaluation.
What is extensive decision making in marketing
Extensive decision-making refers to a long process of deliberation, usually for expensive purchases or purchases that require research, where many consumers use the consumer buying process model of decision making.
What is post purchase dissonance
What Is Post-Purchase Dissonance? A post-purchase dissonance is a form of cognitive dissonance studied in consumer behavior.
This form of purchase regret occurs when a customer prizes a specific product and completes a purchase but then experiences dissatisfaction because of the product or service quality.
What is limited problem solving
Limited problem solving is another type of consumer problem-solving process that consumers use when they purchase products occasionally or need information about unfamiliar brands in a familiar product category; it requires a moderate amount of time for information gathering and deliberation.
What is limited decision making
In limited decision making, consumers will combine the information they had before with information they gather about the product to make their choice.
Limited decision-making is usually practiced when a consumer is familiar with a product or product category but unfamiliar with the product brands.
What is a good way to improve decision-making quality and reduce decision-making bias?
- Keep the group small when you need to make an important decision
- Choose a heterogenous group over a homogenous one (most of the time)
- Appoint a strategic dissenter (or even two)
- Collect opinions independently
- Provide a safe space to speak up
- Don’t over-rely on experts
What is internal search in marketing
Internal search occurs when consumers access information previously stored in memory. It is the primary source used for habitual and limited decision-making.
Citations
https://study.com/academy/lesson/buying-behavior-and-marketing-types-of-consumer-buying-decisions.html
https://dictionary.cambridge.org/dictionary/english/high-involvement-product
https://www.sciencedirect.com/science/article/pii/S0963996918300243
https://hbr.org/2020/09/7-strategies-for-better-group-decision-making
