The Consumer Decision Process Model
The process that consumers experience while contemplating a purchase is known as the consumer decision process. When the process is evaluated in individual steps, marketers can leverage knowledge about consumers and identify the most effective marketing strategies. The individual steps of the decision process are; need recognition, information search, alternative evaluation, purchase, and post purchase. (Grewal & Levy, 2014)
For Olay products, there are a few possible points of need recognition. Because most women are mindful of appearances, the onset of wrinkles is a primary identifier. Additionally, though, Olay has moved towards targeting younger women and, as a result, added an additional …show more content…
Personal sources such as family and friends giving recommendations are very common. Additionally, commercial sources like advertisements, or public sources like social media are relied on for informational product searches. Finally, experimenting by trialing a product can aid decision-making. (Grewal & Levy, 2014) As the evaluation process takes place, consumers base their decision on a set of evaluative criteria. This specific fit is very important to consumers and marketers make specific strategic choices to support that fit. As Dwivedi, Merrilees & Sweeney articulated, “This necessitates communicating the fit between the parent brand and the extension through appropriate positioning of the extension, for example positioning of Olay vitamins as beauty products and not health supplements” (2010, p. 340). The perception of the best fit is very important to consumers as they navigate though the decision making …show more content…
A recent study found that, “Consumers are engaged in extensive information searching and knowledge building in order to achieve consumer power, not only to search for alternative products and services” (Huang, Lotz & Bon, 2014, p. 18). By providing the information, companies are helping consumers feel confident in their core knowledge areas, economic, social, sanction, expert, and safety-net knowledge. When consumers feel confident in their knowledge, they are ready to move to the next phase of the consumer decision process, the purchase. (Huang, Lotz & Bon, 2014, p. 18)
Though the specific product decision is made at this point, there are still several variables for consumers to consider. Marketers also need to consider these as they could potentially prevent the purchase from occurring. Timing and availability carry a significant importance in finalizing the purchase decision. Additionally, payment method is a consideration that should not be overlooked.
Post Purchase Evaluation and Path