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Buyer behaviour and market research - Essay Example

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Early researchers used a number of approaches to address this subject but the most prominent model was based on the Utility Theory which proposed that buyers make informed choices…
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Buyer behaviour and market research
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Buyer behaviour and market research

These activities comprise of; necessity recognition, information research, weighing options, creations of willingness to purchase, the actual act of buying, consumption and discarding. This approach of buyer behaviour has gone through series of development over several decades as emerging research methods and paradigms are amalgamated. A good number of varied methodologies have been amalgamated in researches pertaining to decision making processes based on clashing psychological traditions. The stages that a buyer undergoes while making a purchase decision can be illustrated diagrammatically as follows.
The process starts with a vast number of consumers but these consumers may at any stage of the model. A consumer is likely to go through all the stages of the decision process only during the first time of purchasing the commodity. It also occurs during purchase of costly and high quality products. Customer behaviour and buying process can be modelled as shown below. This decision is known as complex decision (Sumathi et al., p. 12). For a vast number of products, the buying behaviour is a frequent affair where the aroused urge is catered for as a habit as a repeat purchasing of the product takes place. In essence, the past reinforcement in their experience contributes directly to purchasing. As a result, the last two stages are skipped. This is known as simple decision. It is important to note that the buyer a times may consider re-entering into the entire decision making process where there are changes in terms of cost, item, availability and services. This is done with a view of picking alternative choices. The following diagram shows a stimulus response model in purchasing behaviours
In order to determine the potentiality, size and demand, there is need to conduct a thorough market analysis that will take into consideration the attractiveness and ... Read More
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