Introduction
Understanding the process of deciding on purchasing any product, especially an expensive one, is essential for marketers since this information allows them to adjust their selling practices accordingly. Different factors play a decisive role in consumer purchasing decision-making, which consists of several consecutive stages, at each of which external and internal factors have their influences. Thus, it is important to analyze a recent purchase from the perspective of the stages and the impact of such factors as external groups and situations to understand what attributes purchasing.
Six Stages of Consumer Buying Process
From a traditional point of view on the consumer purchasing decision-making process, scholars and marketers identify six main stages. The six-stage model’s first stage is problem identification, when a person realizes the need for a new product and establishes the possibility to make the purchase (Stankevich, 2017). The second stage is characterized by searching for information about the product to identify how the problem might be solved. Further, at the third stage, the consumer evaluates the alternatives found in the second stage according to their ability to satisfy the need (Stankevich, 2017). At the fourth stage, the consumer makes the purchase decision, which is manifested through selecting the best alternative among those available. At the fifth stage, the consumer makes the purchase either in a physical store or online. Finally, at the fourth post-purchase stage, the buyer analyzes the purchasing decision and develops a long-term loyalty toward the selected brand or ensures not to be involved with it in the future if unsatisfied.
To better illustrate the practical use of the model, one should apply it to a recent purchase. My most recent purchase that necessitated serious analysis was a used Honda Accord 2005 for $4,500 for my daughter. At the first stage, I recognized a problem related to the difficulty of acquiring a comfortable commute for my daughter, whose peers had cars. At the second stage, my daughter and I began to research the market of used vehicles within the affordable cost range. At the third stage, we identified several websites and found several possible options. At the fourth stage, we evaluated the alternatives by comparing their characteristics and prices. Further, at the fifth stage, we decided to buy a Honda Accord 2005; although it was older than other alternatives, it was in the best condition and for the most reasonable price. The post-purchase stage was characterized by my daughter’s experience driving the car and analyzing its quality, which was acceptable and met our expectations. We are likely to use the same website when buying a car in the future or when advising someone else.
Interpretation and Evaluation of Information about a Product
Generally, consumers’ interpretation and evaluation of the product information they find or are exposed to are influenced by several significant factors. They might range from personal preferences and socio-economic status to the product design, color, quality, and shopping experience overall. Now that online shopping has become a dominant attribute of daily life, the quality and reliability of information about a product are commonly checked using feedback and reviews, largely used by marketers who promote customer feedback for future sales (Faulds et al., 2018). According to Stankevich (2017), the purchase is commonly “based on attributes that are more relevant to each consumer; it could be price, quality, brand, product positioning, a place where to buy (location), consequences of using the product” (p. 11). Thus, the way one interprets and evaluates the information depends on the context and personal particularities.
Influence of Situational Factors
The impact of a situation on one’s purchasing behavior is very strong because a person searching for information about a product they need is attentive to any advertising or other media related to the desired product. Therefore, when I was deciding to buy a car, I was significantly influenced by the offers in the stores, as well as the ads that appeared online concerning my search. Since I strictly followed the allocated budget, these situational impacts did not have a decisive role in my decision. Notably, situational factors are commonly observed at later decision-making stages, such as alternative evaluation and purchase.
Influence of External Groups and Cultural Beliefs
As for the influence of external groups and cultural beliefs, these factors play an important role throughout the whole six stages since a consumer bears in mind the social relevance of the product they choose. For example, when identifying the need to buy a car for my daughter, I was influenced that all her peers had cars. This influence of the external group of my daughter’s peers was decisive in the overall idea of the purchase. Furthermore, since a vehicle is an essential means of transportation in the USA, it was culturally induced that the car might be used and rather simple to satisfy the primary need of commuting.
Conclusion
To summarize, one might state that several significant factors influence the multifaceted process of consumer purchasing decision-making at each of the six stages from problem identification to post-purchase analysis. For marketers, it is essential to understand what stages exist and comprehend how buyers react to information and external influences when making a decision. The knowledge of such particularities will allow for the adequate application of marketing and advertising techniques.
References
Faulds, D. J., Mangold, W. G., Raju, P. S., & Valsalan, S. (2018). The mobile shopping revolution: Redefining the consumer decision process. Business Horizons, 61(2), 323-338.
Stankevich, A. (2017). Explaining the consumer decision-making process: Critical literature review. Journal of International Business Research and Marketing, 2(6), 7-14.