Steps,Decision,Making,Process, business, insurance Steps of Decision Making Process in Business

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The purchase decision making process can be associated with the following stepsRecognition of Need: The decision to purchase a commodity or a service only arises when there is stimulation of demand or need. The purchase progress cannot be in reckoning if the need is not determined properly. As a result of the need generated, the customer aspires to be in a particular situation that is desirable in his mind. Determination of internal and external stimuli helps the customer attain the desirable situation by the acquirement of the relevant goods and services.Information: It is normal human tendency to try and acquire the best. Thus, once the need has been determined; the customer sets out on the quest for hunting down information related to his product or service. The information search is influenced by both the pre conceived notions in the mind of the customer as well as the information independently available as a result of advertising and promotion.Alternative Evaluation: The customer after the derivation of the information will want to assess what his options are. He will always be eager to closely evaluate all his options or alternatives. More number of alternatives will mean prolonged evaluation. This is an important stage as based on his evaluation of alternatives; he will make his final call regarding the purchase.Decision of Purchase: After the evaluation of alternatives, the customer is ready to make his purchase decision making. The evaluation will determine one best alternative in the mind of the customer. This according to him is the best option out of all the existing options and based on his close of evaluation, he will go ahead and purchase the desired product or service. Thus, the purchasing decision will be implemented.Post-Purchase Behaviour: There are 2 ways that a customer can behave after the purchase of a product or a service. He will either be satisfied or dissatisfied. Based on his levels of satisfaction, the tendency of future behaviour of the customer can be determined. This behaviour must be monitored efficiently to keep a tab on his future prospective purchase tendencies.The theories of buyer behaviour in terms of individuals include:Generic Theory: This theory is of the notion that the buyer behaviour of customers is based on the traditional purchase process of the buyer. The process includes the five traditional stages of need or problem generation which leads to an information search by the consumers. Once pertinent information is derived, the consumer will look to evaluate all his options or alternatives and gear up for the purchasing decision. The purchase process is based on the choosing of the best alternative and acquiring it. The final stage deals with the evaluation of post purchase behaviour.Cultural Theory: The Cultural Theory is of the view that a consumer is bound to make decisions related to purchase of a commodity or a service based on all the traditions and beliefs that is a part of his culture and custom. An individual’s mindset is shaped by the virtue of the beliefs that he is a part of since birth and will hence succumb to the same while making his purchasing decision.The theories of buyer behaviour in terms of markets include:Strong Theory: The Strong Theory deals with the aspect of advertising. It states that advertising is a powerful force that can alter attitudes and also make an important contribution with regards to an individual’s understanding and knowledge management. There are a couple of criticisms to this theory though. The first one deals with the fact that there has been very limited evidence to establish the fact that desire is generated in a consumer about a brand before consumption and secondly only non-buyers becoming buyers are considered.Weak Theory: The Weak Theory states that advertising contributes in ‘nudging’ the people towards the direction in which they are already moving. It goes on to claim that this theory aims at re-enforcement rather than persuasion. This situation can sometimes be reversed for instances like insurance products where the commercial might comprise of imageries claimed as a ‘cautionary tale’ in order to help people understand the consequences of not having an insurance. Article Tags: Decision Making Process, Decision Making, Making Process, Purchase Decision, Purchasing Decision, Buyer Behaviour