Consumer Decision-Making Process in Marketing, Term Paper

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Marketers should therefore be aware of the delicate balance between price and perceived value. The purchase decision and actual purchase also have interesting dynamics than can be used by marketers. Product availability may for example cause a discrepancy between the purchase and purchase decision.

The post-purchase evaluation is also an important stage, as this relates to consumer satisfaction or dissatisfaction and may once again lead to positive or negative word of mouth. The product or service provider should therefore ensure that marketing claims and actual customer experience correlate as closely as possible. Other elements that can influence post-purchase evaluation include post-purchase communication and warranties. If these are perceived to be of high quality and fulfill the expectations of promised value, the post-purchase evaluation will be positive.

Marketers should also take into account the various personal, psychological, and social factors that influence purchasing decisions.

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These integrate to influence purchasing decisions, and can be determined by marketing research. While no two persons are the same, marketers can determine the general trends of personal, psychological and social values that influence purchasing decisions, and market products in a way that appeals to these values. This is particularly important when a company expands to other countries. In such cases, it is important to recognize that the values in other countries can be vastly different from those in the home country. Marketing strategies should therefore be adjusted to reflect this.

Marketers should also recognize that society changes with time, and that social values from a decade ago cannot be assumed to be the same for the current market place. Personal and psychological needs also change, and marketers therefore need to continuously update their basis of knowledge through research......

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