This intersection is creating unprecedented challenges and unique opportunities. The pharmaceutical companies that embrace this new world will find rewards not only in market share and profitability, but also in patient outcomes.
Simply, we can define the term as: Consumer buying process consists of sequential steps the consumer follows to arrive at the final buying decisions.
Mostly, consumers follow a typical buying process. Marketer must know how consumers reach the final decision to buy the product. According to Philip Kotler, the manager can learn about the stages in the buying process through four methods.
Each method gives hint regarding the steps in the consumer buying process. According to Philip Kotler, the typical buying process involves five stages the consumer passes through described as under: This step is also known as recognizing of unmet need.
The need is a source or force of buying behaviour. Buying problem arises only when there is unmet need or problem is recognized. Need or problem impels an individual to act or to buy the product. Buyer senses a difference between his actual state physical and mental and a desired state.
The need can be triggered by internal or external stimuli. Internal stimuli include basic or normal needs — hunger, thirst, sex, or comfort; while external stimuli include external forces, for instance, when an individual watch a new brand car, he desires to buy it. Marketer must identify the circumstances that trigger a particular need.
He can collect information from a number of consumers regarding how stimuli spark an interest in products. Based on information, he can develop marketing strategies to trigger consumer interest.
Interested consumer will try to seek information. Now, he will read newspapers and magazines, watch television, visit showroom or dealer, contact salesman, discuss with friends and relatives, and try all the possible sources of information.
Mostly, the consumer can try one or more of following sources of information: They may include family members, friends, package, colleagues, and relatives. Advertising, salesmen, dealers, package, trade show, display, and exhibition are dominant commercial sources.
Mass media radio, TV, newspapers, magazines, cinema, etc. They include handling, examining, testing, or using the product. Selection of sources depends upon personal characteristics, types of products, and capacity and reliability of sources.
Each information source performs different functions in influencing buying decision. By gathering information from relevant sources, the consumer can learn about different products and brands available in the market. Note that consumer will not collect detail information on all the brands available in the market.
He scrutinizes all the brands in sequence, like total brands set to awareness set to affordable set, and to choice set. Consumer collects information only on limited brands, say, choice set. Moreover, the company should identify sources and their relative importance. Company must ask the consumers regarding types of sources they exercise.
They can elicit valuable information about sources they normally use and their relative value. On that basis, effective communication can be prepared for the target market. In the former stage, the consumer has collected information about certain brands.
Now, he undergoes evaluation of brands. He cannot buy all of them. Normally, he selects the best one, the brand that offers maximum satisfaction.Patients and physicians (and the rest of the world) have embraced digital tools for learning and connecting with one another; the pharmaceutical industry’s commercial and .
The buying decision process is the decision-making process used by consumers regarding market transactions before, during, and after the purchase of a good or srmvision.com can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives..
Common examples include shopping and deciding what to eat. Decision-making is a psychological construct. Stages in Consumer Decision Making Process An individual who purchases products and services from the market for his/her own personal consumption is called as consumer.
To understand the complete process of consumer decision making, let us first go through the following example. High involvement: the term means when the consumer is highly involved while buying a product.
Generally this situation happens in case of expensive or luxuries goods. This post is the third in a series we’re writing on the FTC’s workshop on online lead generation entitled Follow the srmvision.com our first post, we explored how online lead generation srmvision.com our second, we covered the role that disclosures can and should srmvision.com, we will discuss the allegation the CFPB and certain consumer groups raise that the industry is “inherently deceptive.”.
Consumer Behaviour deals with various stages that a consumer goes through before purchasing any product or service. Lets understand the concept in detail with the help of few examples.