Assignment 1 Ch 1 & 6 - Consumer Decision-Making Process ✓ Solved

Assignment 1 Ch 1 & 6 - Consumer Decision-Making Process

MKT 3010 Assignment #1: Ch. 1 & 6. Short-Answer Questions Read Chapters 1 and 6 carefully. Reflect on your recent experience of buying an important product (say Product X made by Company Y), which you spent a relatively considerable amount of time and effort researching, e.g., a car, a house, a laptop, a digital camera, a TV, or a vacation in Hawaii. Answer the following questions:

(1) Describe in detail the five stages of your consumer decision-making process. a) Problem Recognition. What needs did you buy the product to satisfy? How did you realize your need(s)? b) Information Search. What information sources did you check? c) Evaluation of Alternatives. What evaluative criteria did you use? Why did you use them? d) Product Choice: List and compare the benefits and costs of all the alternatives in your consideration set. Use a table when necessary. Why did you pick the Product X? What heuristics did you use to make your choice? e) Postpurchase Evaluation: Are you satisfied with your purchase? How does Product X meet your expectation?

(2) Discuss how Product X/Company Y won your business, i.e., how it beat its competition at each of the stages of your decision-making process. Based on your experience, advise the seller to improve its marketing plan at each step of the consumer decision-making process.

(3) Analyze how the following internal influences and social influences affected your decision-making process. a) Motivation. Use Maslow’s Hierarchy of Needs to analyze the need(s) you bought the Product X to meet. b) Learning. How did you learn the benefits and costs of Product X? Which learning model fits your learning process better? Behavioral learning or cognitive learning? c) Attitude. Do you have any lasting evaluation of Product X and Company Y? Describe the three components of your attitude. d) Describe those personality traits that influenced your purchase. e) Describe other influences (such as culture, social class, opinion leaders, group membership, and sub-culture) that influenced your purchase.

Notes: Late submission will not be accepted. Only digital copy in Word format will be accepted. Use endnotes to specify the sources of information in the Reference. Use a superscript number to flag the portion of the text that one endnote is in reference to.

Paper For Above Instructions

In this paper, I will reflect on my recent experience of purchasing a laptop, referred to as Product X, made by Company Y. The consumer decision-making process consists of five stages, which I will describe in detail.

Stage 1: Problem Recognition

The first stage of the consumer decision-making process is problem recognition. My need for a laptop arose when my old device became increasingly slow and unable to run the latest software necessary for my studies and personal projects. This low performance made me realize that I needed a more efficient machine to satisfy my technological requirements.

Stage 2: Information Search

In the information search stage, I utilized multiple sources to gather data. I searched online through technology review websites, consumer forums, and social media platforms. Additionally, I visited local electronics stores to compare different models and their specifications physically. I found YouTube reviews particularly helpful, as they provided practical demonstrations of the laptops in action.

Stage 3: Evaluation of Alternatives

During the evaluation of alternatives, I established a set of evaluative criteria that included price, performance, battery life, and brand reputation. These criteria were essential because they aligned with my primary goal of obtaining a reliable and efficient laptop that would serve my academic and personal needs well. A comparative table of alternatives that I considered is as follows:

I ultimately chose Product X because it offered the best combination of price and performance while also having an excellent brand reputation.

Stage 4: Product Choice

In making my choice, I employed heuristics such as brand loyalty and recommendations from trusted friends who had previously purchased Product X. The perceived benefits, including performance and reliability, outweighed the costs associated, which helped to solidify my decision.

Stage 5: Postpurchase Evaluation

After purchasing Product X, I conducted a postpurchase evaluation. I am overall satisfied with my purchase; it meets my expectations for performance and design. It has significantly enhanced my productivity and internet browsing experience, confirming that it was the right choice for me.

How Company Y Won My Business

Throughout the decision-making process, Company Y distinguished itself from competitors through its marketing strategies, customer support, and product reviews. At the problem recognition stage, they effectively highlighted the common issues users experience with outdated devices. During the information search, Company Y’s presence on influential tech blogs and positive reviews helped cement my inclination toward their laptop. Evaluating alternatives was facilitated by clear comparisons on their website, emphasizing Product X's strengths. For the product choice, attractive warranty options and customer testimonials convinced me of its reliability.

Advice for Marketing Improvement

To enhance their marketing approach, I would advise Company Y to focus on showcasing real-life user experiences at various stages of the decision-making process. This can be achieved through targeted social media campaigns and partnerships with educational institutions, where students can share their success stories with Product X. Additionally, providing more comprehensive guides on choosing the right laptop based on specific user needs could provide value during the information search stage.

Influences on the Decision-Making Process

Several internal and social influences affected my decision-making process. From a motivation perspective, I utilized Maslow’s Hierarchy of Needs, as purchasing the laptop fulfilled my needs for self-actualization and esteem through increased productivity and capability in my academic pursuits.

Regarding learning, I leaned towards cognitive learning as I engaged with multiple sources and analyzed the information to draw conclusions about Product X. My positive attitude towards Product X and Company Y was influenced by my direct experiences and the information provided, encompassing cognitive, affective, and behavioral components of my attitude. Social influences such as culture and peer opinions also played roles in shaping my perception and ultimately influenced my purchase decision.

Conclusion

In conclusion, my purchasing journey for Product X encapsulated the various stages of the consumer decision-making process. Understanding this framework provided clarity on how different factors influenced my decision, which can serve as valuable insights for both consumers and marketers in refining their approaches.

References

• Solomon, M. R. (2018). Consumer Behavior: Buying, Having, and Being. Pearson.
• Kardes, F. R., Cronley, M. L., & Cline, T. W. (2019). Consumer Behavior. Cengage Learning.
• Hoyer, W. D., & MacInnis, D. J. (2018). Consumer Behavior. Cengage Learning.
• Engel, J. F., Blackwell, R. D., & Miniard, P. W. (2018). Consumer Behavior. Cengage Learning.
• Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.
• Schiffman, L. G., & Kanuk, L. L. (2018). Consumer Behavior. Pearson.
• Maslow, A. H. (1943). A Theory of Human Motivation. Psychological Review.
• Blackwell, R. D., Miniard, P. W., & Engel, J. F. (2016). Consumer Behavior. Cengage Learning.
• Solomon, M. R., & Rabolt, N. J. (2009). Consumer Behavior in Fashion. Prentice Hall.
• Folda, J. (2020). The Importance of Consumer Behavior Analysis. Journal of Marketing Development and Competitiveness.