Consumer Decision Making Process

... Consumer Decision Making Process Paper presented by Syed Abid Rivier College. Nashua. NH September 28th 2005 A key factor in successfully marketing new/existing products or implementing a product Extension is a thorough understanding of the motivation, learning, memory, and decision Processes that influence consumers purchasing behavior. Consumer purchasing behavior theories have found their way into managerial decision making to help companies more effectively develop and launch new products, segment the market, determine market entrance and in brand management. Therefore, a better understanding of how consumers decide what to purchase is critical to the success of a product. There are numerous theories and models describing the consumer purchasing decision process. The basic concept behind these theories and models are similar. Five steps describing the consumer purchase decision below followed by a brief description. 1. Problem Recognition 2. Information Search 3. Evaluation of Criteria 4. Purchase Decision 5. Post Purchase Evaluation Problem recognition is simply the awareness of a need. The need may

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