The purpose of this report is to Investigate my last purchase over one hundred dollars using the consumer decision process model to explain the process and from there to go on and explain the strengths and weaknesses of this model, the marketing strategies which were used when making the purchase and what could be implemented by the marketers to create habitual customers.
The first stage of the research process was to choose a purchase, which will be the purchase of a Car from Turners auction. This report looks at Consumer decision process model in making the purchase. The First step in the model is the need of an item/service in this case the need to get to Unitec, sport training and Work. From this the most decisive decision is made which …show more content…
As a result, they are often faced with at least some degree of risk or uncertainty in their purchasing decisions” (Kim, Ferrin & Rao, 2008). In using the consumer decision making model I am able to find out the level of perceived risk and my weaknesses in purchasing a product. The consumer decision making model allows you to evaluate your purchase decision and in what aspects you had most delayed, through research I had discovered that when it came to examining prices due to the fact that the price might drop “Even when a product is not new to the market, consumers may delay purchasing because they anticipate regret if they buy now only to see prices fall later” (Greenleaf & Lehmann, 1995). After researching the strengths of the model there also was weaknesses which included the vagueness of the environmental and individual variable within the model (Bray, 2008). (Howard & Sheth, 1969) stated that there were variables to consider including importance of the purchase, background of the consumer, personality traits, time and financial availability and is an influence on the model rather than being part of the flow …show more content…
The company which is Turners car auctions implies several marketing strategies in order to attract customers and create habitual buyers/ satisfied customers. They provide a large option of cars and use several channels such as radio, Facebook and word of mouth. They create an atmosphere to motivate potential buyers that they are getting a good deal by highlighting the price, letting you drive and test the vehicle which makes customers feel they are more aware of the risk rather than wait till after the exchange to realise the true costs. They also have a bidding system for each vehicle which allows for potential buyers when it comes to the auction to create a sense of urgency and competition for the car. Alternative marketing strategies could include targeted marketing using Facebook advertisements to target specific vehicles to the audience (Segment Targeting) that they believe which would most be interested for example links for cars under a certain price with a line to create a sense that the deal is for a limited time.
In my report I have used the consumer decision model to evaluate my last purchase over $100 appraising strengths and weaknesses of the model and my evaluation of each step in the model and how i got to the next step. I had found that my risk for the purchase was high as the money spent was high, in future the consumer decision
The first stage of the research process was to choose a purchase, which will be the purchase of a Car from Turners auction. This report looks at Consumer decision process model in making the purchase. The First step in the model is the need of an item/service in this case the need to get to Unitec, sport training and Work. From this the most decisive decision is made which …show more content…
As a result, they are often faced with at least some degree of risk or uncertainty in their purchasing decisions” (Kim, Ferrin & Rao, 2008). In using the consumer decision making model I am able to find out the level of perceived risk and my weaknesses in purchasing a product. The consumer decision making model allows you to evaluate your purchase decision and in what aspects you had most delayed, through research I had discovered that when it came to examining prices due to the fact that the price might drop “Even when a product is not new to the market, consumers may delay purchasing because they anticipate regret if they buy now only to see prices fall later” (Greenleaf & Lehmann, 1995). After researching the strengths of the model there also was weaknesses which included the vagueness of the environmental and individual variable within the model (Bray, 2008). (Howard & Sheth, 1969) stated that there were variables to consider including importance of the purchase, background of the consumer, personality traits, time and financial availability and is an influence on the model rather than being part of the flow …show more content…
The company which is Turners car auctions implies several marketing strategies in order to attract customers and create habitual buyers/ satisfied customers. They provide a large option of cars and use several channels such as radio, Facebook and word of mouth. They create an atmosphere to motivate potential buyers that they are getting a good deal by highlighting the price, letting you drive and test the vehicle which makes customers feel they are more aware of the risk rather than wait till after the exchange to realise the true costs. They also have a bidding system for each vehicle which allows for potential buyers when it comes to the auction to create a sense of urgency and competition for the car. Alternative marketing strategies could include targeted marketing using Facebook advertisements to target specific vehicles to the audience (Segment Targeting) that they believe which would most be interested for example links for cars under a certain price with a line to create a sense that the deal is for a limited time.
In my report I have used the consumer decision model to evaluate my last purchase over $100 appraising strengths and weaknesses of the model and my evaluation of each step in the model and how i got to the next step. I had found that my risk for the purchase was high as the money spent was high, in future the consumer decision