Decision Buying Process for High Involving Products - Assignment Example

MARKETING AND MARKETING STRATEGY Number Term Module number Characteristics of high involving products (Dodge Durango) The first product is regarded as high involving because of the following reasons High price-the product was highly priced therefore it required a lot of involvement before making any purchase decision. Presence of technical features-a product of this nature has some technical features that require much time so as to be familiar with the product thus become highly involving Major differences with other alternatives-there are major differences that exist with other alternatives, therefore, require more time to analyze the differences before making a concrete decision. Risks involved-this product may involve lots of risks, therefore, become much involving. One is required to evaluate the risks involved so as to know ways of minimizing them and if possibly seek for ways of avoiding them. Low involvement purchase (snicker) Brand hoping-this product does not require any brand loyalty; therefore, one can shift from one product to another one in the market for trial and error purposes since there are little differences between the brands Availability of other alternatives- presence of other alternatives in the market makes it easier for one to settle for any other brand since the buying process is less time-consuming Effect of the purchase on the image-any purchase of such a product does not affect nor damage the status or the image of the consumer since the purchase is done frequently. Decision buying process for high involving products Several researches have shown that consumers undergo five stages during their decision-making process in any purchase. This is shown in the diagram below This model assumes that most of the consumers undergo all the stages in every purchase. Nevertheless, in low purchase decisions, some stages may be skipped or reversed. According to Schiffman (2007), the buying process begins with problem recognition. At this stage, the buyer recognizes that there is a need or a problem or reacts to a marketing stimulus. A stimulated customer decides how much information (if any) is needed. If the need is very high and there is a product or service that satisfies the need at hand, the buying decision is most likely to be made immediately. If not, information seeking process begins. A person may seek information from personal sources i.e. from friends, and family members, neighbors or from commercial sources i.e. from salespeople, advertising, point-of-sale displays retailers and dealers. The importance and influence of the collected information vary from one product to another and by customer. This is followed by the evaluation stage where the consumer chooses between alternative brands, products and services. In the case where a product is high involving, the customer carries out thorough evaluation. After extensive evaluation, the customer makes a purchase decision basing on the gathered information (Schultz, 2006). This is followed by post-purchase decision (cognitive dissonance) which is the final stage of the decision-making process. This is mostly common in consumers who express a lot of concern after making a buying decision. After buying a product, the customer may feel that the alternative product could have been a better. In such instances, the consumer will not purchase immediately but is most likely to switch to another brand next time. Decision buying process of low involvement products The diagram below shows the buying decision process of low involving products, Like the high involving purchases, the buying process begins with problem recognition. At this stage, a buyer perceives a need or a problem or reacts to a marketing stimulus. A person may seek information from limited sources unlike in high involvement where various sources are considered. This is followed by the evaluation stage where the consumer chooses between alternative brands, products and services. In the case since the product is low involving, the customer carries out simple evaluation. After the evaluation, the customer makes a purchase decision basing on the gathered information. This is followed by post-purchase decision (cognitive dissonance) which is the final stage of the decision-making process. This is mostly common in consumers who express a lot of concern after making a buying decision. After buying a product, the customer may feel that the alternative product could have been the better. Since this was a low involvement buying decisions, the customers will have limited alternatives to compare with thus there is low cognitive dissonance (Peter, 2008). Differences in decision buying process of both high involving and low involving products There are differences that are seen in both high and low involving products. As far as a high involving product is concerned, information can be sought through various ways. For instance, person may seek information from personal sources i.e. from friends; family members, neighbors or from commercial sources i.e. from salespeople, advertising, point-of-sale displays retailers and dealers. On the contrary, low involvement products only require one or few sources of information concerning certain brand. During the evaluation stage, in case a product is high involving, the customer carries out thorough evaluation unlike the low involvement product where evaluation is not extensive. Uses of a Model of Buying Behavior The model of buying behavior of the customer has several implications to a marketer. During the information search process, the marketer has to identify the influential information that might affect the purchase of the potential customers. Furthermore, it helps a marketer to understand the consumer’s evaluation process so as to meet the needs of those who are in various buying situations. For instance, in high involving decisions, the marketer has to provide a good deal of information concerning the positive impacts of making a purchase. The sales executive has to stress the key characteristics of the product, the advantages of the product as compared to those of the competitors and even motivate the customer to try purchasing the product with the intention of securing a product (Foxall, 2000). This model is also useful during the post-purchase stage. It assists the marketing executives in persuading the consumers that the product will meet their needs. After making a purchase, the customer is also encouraged that he or she has made the right choice in making the purchase References Foxall, G. (2000). Consumer Psychology in Behavioral Perspective; London: Routledge. Peter P. J (2008). Consumer Behavior and Marketing Strategy: Singapore: McGraw Hill Schiffman L. G (2007). Consumer Behavior: New Jersey: Prentice Hall Schultz, J., 2006. Vehicle of the self: The social and cultural work of the H2 Hummer. Journal of Consumer Culture, 6, (3) 57-86. Read More