Consumer Behaviour and Buying Decision Process Term Paper

Essays on Consumer Behaviour and Buying Decision Process Term Paper The paper "Consumer Behaviour and Buying Decision Process" is a brilliant example of a term paper on marketing. Individuals display various characters whenever a buying decision has to be made. They ask themselves whether they are making a sound decision in purchasing a given product or they might be disappointed after the purchase. Therefore, they take on a process to enable them to compare the alternative choices available on the market so as to come up with the best choice of buying. In buying or deciding to rent a house, purchasers are always driven by a desire as to why exactly they would want to purchase a given house at a given location. The aim of this report is to find out the factors that the Purchasers consider most before making a decision on whether they will purchase or rent the house in question.The reason why people make certain decisions in buying a certain product or service is dependent on mental and social factors. The factors will determine the kind of choices th e consumers make. As a result, the companies use these choices to produce the goods determined by the consumer's needs in the effort of delivering value to their customers. The process of consumer behavior in making a purchase decision is given in five stages which include; problem recognition, information seeking, evaluating alternatives, making a purchase decision and post-purchase behavior.The Buying Decision ProcessProblem recognitionA consumer will have the urge to purchase a given type of product such as houses when they perceive a need for acquiring such a product. They may need a house near town because of nearness to work or they may need a house next to a beach for the beauty and cooling effects of beach currents or maybe as a result of a particular lifestyle associated with living next to an ocean. Some would want to live in a serene country environment free from noises hence they would want to buy a house that is away from town.Information searchingAccording to Moore (20 08), the need to purchase a given type of product for a given purpose will trigger a potential purchaser to start searching for information that would be vital to help him or her make the right decision to purchase the product in mind. Search for information to purchase the house can be external or internal. Whereby, internally a consumer will scan his or her memory in order to recall any prior experiences with such houses or accommodation. If the consumer has ever lived with a stranger before and did not like the stay, then chances are he will not choose the option to rent an apartment with a stranger.Basically, a person wishing to purchase a house will search for external information probably because of insufficient prior experiences or maybe he or she is afraid of making a mistake and avoid taking high risks. An individual would prefer an external information source probably if the cost of acquiring such information is lower.