Buyer decision processes are complex and include economic, psychological, and external factors. Economic models are flawed as they assume consumers are purely rational. Psychological models consider multiple reasons for purchasing, but may not account for external factors. Practical outcomes are more important than theoretical justifications.
Buyer decision processes are the ways in which consumers make decisions during the buying process. This not only includes which products they choose to buy, but also which products they don’t choose, as well as the different factors that play a role in the purchase. Consumer behavior is complex and the buying process includes functions before, during and after a purchase.
A good example of complex buyer decision-making processes that appear subjectively simple include those in which a customer picks up one item and puts it away for another. From the point of view of the consumer, he or she has simply made a choice between two items. Investigating economic influences, psychological forces, and other factors affecting buyer decision-making processes can help a business sell more than one product or service. If, for example, the reason why the customer chose one item over another was because of a special giveaway advertised on the packaging, the company offering the giveaway knows that the strategy is positively influencing the company’s decision-making processes. buyer. This can be very helpful when thinking about marketing and other aspects of the business.
Many people think of buyer decision-making processes as simple and logical judgments of which products to buy against economic considerations and the quality of the products in question. Economic models of decision-making are flawed because they assume that the consumer is a purely rational actor with access to objective truth about the cost of items and their quality. These models typically don’t account for the emotional appeal of certain products or services or the whims of customers.
Psychological models of buyer decision-making are sometimes more successful because they consider the multitude of reasons why a person might make a purchase, but these models do not always take into account the external considerations specific to individual situations. Not having an item in stock on a regular basis, for example, can impact shopper decisions in the long run and can change how a consumer buys a particular item. Models using psychology are limited by their generalizations, but can be crafted to address the specific concerns of very small groups of clients.
More often than not, people in business are concerned with the practical outcomes of buyer decision-making processes rather than the theoretical justification that they exist. Any model that gets accurate results is considered a good model even if the reasoning is flawed. Because of this, there are many different models that are considered successful even though they can be wildly different.
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