Consumer buying process model Essay Example For Students

Consumer buying process model Essay Consumer Buying Decision Process: Mobile Phone CHAPTER 1 INTRODUCTION Page 1 of 15 1. 1 Origin of the report: As the students of MBA program in East West University is assigned to prepare a term paper on Consumer buying process model and it is based on my own buying experience by my honorable course instructor Professor, Dr. Humayun Kabir Chowdhury Which is a partial requirement of the course Marketing Management (MKT 501). 1. 2 Background of the study: This report is prepared on Consumer buying process model. In the preparation of this paper work I have experienced some new concepts which I did not before. This report will give a brief picture of Consumer buing process of a mobile phone as this paper is made based on my own mobile phone buying experience. By preparing such report I have learned how to prepare a good report in real life scenario and practical concept that will help me to develop my skills. 1. 3 Objective of the Study: The report has broad as well as specific objectives. Broad Objective Specific Objectives The broad objective of the report is: 0 To analyze and understand the consumer buying process of a mobile phone. The specific objectives of the report are: To analyze different factors that influences consumer buying process. To gather develop some recommendations regarding the buying process of mobile handset. To study the consumers behaviour towards different mobile handsets. Page 2 of 1 5 1. 4 Scope: The output of this report will help to understand the consumers choice and preference on different brands of Mobile handset. The present study considers different mobil e handsets like Nokia, Sony Ericson, LG, Samsung, Motorolaetc etc. The main objective of this study is to analyze the consumer buying process during taking new mobile handsets. The report covers all those areas necessary to accomplish an effective analysis. So, the study provides some real chance to explore the factors. 1. 5 Methodology: Source of data Information used in the report is collected from both primary and secondary sources. Primary sources All the necessary primary information is gathered from personal observation and buying experience of mobile handset. Secondary sources Some secondary data have been collected to make the report work more concrete. These data have been collected from: 0 Books and Journals 0 Research paper on different market survey Wikipedia 0 Websites of mobile handset company 1. Limitation: To prepare the report within the given time period I have tried my best to collect all necessary information to make the report work resourceful. The study has great importance and requires huge work. I have faced some limitation in completing of the report. 0 Problem faced to recall all the activities during my purchase time. 0 Lack of time 0 Insufficient of proper books, term papers, Journals etc. Page 3 of 15 Chapte r 2 Consumer Buying Process Overview Page 4 of 1 5 2. 1 Consumer buying decision process: Buyer decision processes are the decision making processes undertaken by purchase of a product or service. Behind the visible act of making a purchase lies a decision process. So, The purchase decision process is the stages a buyer passes through in making choices about which products and services to buy. 2. 2 Consumer buying decision process stages: Marketing scholars have developd a stage model of buying decision process. The consumer passes through five stages: Problem recognition, Information search, Evaluation of alternatives, Purchase decision and post purchase behaviour. So, What we can see is the buying process starts long before the actual purchase and has concequences long afterward. Problem Recognition Information Search Evaluation of Alternatives Purchase Decision Post purchase Behaviour Figure: Consumer Buying Decision Process (5 Stages) Problem Recognition in this stage, a consumer realizes or recognizes that their desired state is different from their actual condition. This could be a simple as Im hungry, I need food. Information Search in this stage, a consumer recognizes their need (or want) and sets forth to find a solution. Mitigation EssayI went some of those and tested some of the models to get a clear idea about how it feels and how comfortable it is to use. Through gathering information from different sources, I learn about the different ompeting brands currently available in the market and what are the feathers they are offering. The search process was a very goos experience for me and helped me a lot in organizing those information for an effective decision making to bring a very few models under my serious consuderation. Nokia Samsung Sony Ericsson Motorolla Sony Ericsson HTC Symphony Apple Walton Micromax Blackberry Figure: Adoption Process In the first, I was aware about lots pf brand available in the market but when it comes to regarding my interest, I choose 6 out of 11 brands available in the market. After collecting more information and evaluation, the list came down to 5 brands. After adopted Sony ericsson. page 10 of 15 3. 3 Evaluation of Alternatives: Evaluation of Alternatives, in this stage I already have a good idea of what I want, now I am looking at the options that exists. I evaluate the features of products and different brands. For choosing the best one for me, I have used compensatory heuristics method for evaluating those alternatives. The available options (models) for me was Sony ericsson Xperia mint, Samsung Galaxy Ace, Sony Ericsson wt19, HTC ildfire S and Sony Ericsson Xperia Arc S The attributes I was looking for in those models of smart phones are Music quality, Hardware specification, Camera quality, Display size and Affordability. Among those attributes, music qualtiy was most important for me So I gave 30% importance to this attributes, rest of the importance was, for Hardware specification 25%, Affordability 20 %, Camera quality 1 5 % and Display size 10%. After putting all those information in the value expectancy model, the result is given bellow: Smart Phone Models Attributes Hardware Quality Sony ericsson Music Affordability Camera Display Size Specification 6. 5 7 8 8. 5 7. Xperia mini Galaxy Ace wt19 HTC wildfire s Xperia Arc S Table: My brand beliefs about different models of smart phones Each attributes here is rated from O to 10 where 10 represent the highest level on that attribute. Page 11 of 15 After getting all those numbers about different attributes which represents my brand belief about different models of smart phone from different brands, I multiply those number with the importance ( Weight) that I gave for each attributes. After doing So what I have got is: Smart Phone ericsson 6. 5 (. 30) 7 (. 25) 8 (. 20) 6. 5 (. 15)