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Buyer Behavior (Consumer decision making models (EKB Model (Explains how…

- - - - Consumer sees a significant difference between his or her current state ofaffairs and some desired or ideal state. (buyer recognizes need)
      - Internal stimuli (your hungry and want to eat)
      - External stimuli (you see a billboard which makes you crave food therefore wanting to eat)
    - - Commercial sources (market driven)
        
        consumer checks his or her memory and surveys the environment to identify what options are out there that might solve the problem.
        
        Examples are advertisements on newspapers, tv, radio, internet
        
        The role of marketers during the information search step of the consumer decision- making process is to make the information that consumers want and need about their product easily accessible.
      - Personal Sources
        
        Examples of these are family and friends
      - Public sources
        
        Examples are third part reviews such as specialized magazines, internet blogs and reviews, youtube review videos.
      - Experiential sources
        
        Based on personal experience
    - - Processing the information to make purchase decision
      - Depends on...
        
        Individual consumer
        
        Consumer narrows down the results of the search by comparing pros and cons
        
        Buying situation
      - Marketers understand this therefore they shape the way consumers evaluate their alternatives
      - Evaluative criteria
        
        Characteristics a consumer values and compares within products before making a purchase
        
        Consumer decides which criteria are more important to him
        
        marketers often play a role in educating consumers about which product characteristics they should use as evaluative criteria
    - - Decision and action
        
        Products matches the evaluative criteria therefore consumer purchases it
      - Can be influenced by heuristics
        
        Price = Value
        
        Brand Loyalty
        
        Prized goal for marketers
    - - Consumers take further action on the purchase made based on their satisfaction
      - Cognitive dissonance
        
        Post purchase regret
      - Word of mouth communication during this step is very important
- - - - product is expensive, complex or hard to understand
      - computer, sports car, speakers
    - - Financial
      - Social
      - Emotional
      - Physical
      - Functional