Question: Does the consumer purchase decision process help a business determine if a product is worthwhile to pursue?
Consumer Purchase Decision Process
Stage 1: Problem Recognition - Consumers have identified problems or situations which leads them to buy products and services. Need works as catalyst which triggers the buying decision of the consumer if problems occur. Example - During a heavy rainfall, consumers are more likely to buy umbrellas.
Stage 2: Information Search - Consumers are willing to search information about required products or services through various information sources like personal sources, public sources, and commercial sources or based on past experience. Consumers identify the different alternatives. Example - The need to purchase a cell phone requires various information regarding brand, price, service, battery life, camera features or other features.
Stage 3: Evaluation of Alternatives - Consumers evaluate the various alternatives at this stage based on his or her experience or performance of a product and tries to choose the best option as per his or her priorities. Example - Consumer has chosen to purchase a product from a website that offers more discount with required features.
Stage 4: Purchase Decisions - Consumers finally purchase the product based on chosen alternatives with required features
Stage 5: Post purchase behavior - Post purchase evaluation has been done by the consumer after consuming the product. They analyze whether the product is really useful to him or her, or not as per the identified need. Example - Consumer shares experience of using product x with their friends which influences others to buy and improve branding of product x.