1. The buying process is not as simple as it appears from outside. There is a whole decision making process that precedes the final act of buying a product. The purchase is only the visible part of this whole process. There are actually five stages of the buying process.
Problem recognition: This is the first stage of the buying process. At this stage a person identifies the need for a certain thing which is big enough to trigger a decision (Ogden & Ogden, 2014). It can happen with a person seeing an ad or even an empty bottle of milk or due to any other perceived need. Once the problem or the need is identified, the person moves on to the next stage.
Information search: This is the second stage of the buying process. It happens internally as well as externally where a man searches for the required information in his memory or experiences as well as the other sources of information. The external resources may include marketing resources and other sources like friends and family.
Alternative evaluation: It is the third stage in the process where alternatives which meet the criteria are generated. A number of brand names are evaluated as alternatives at this stage.
Purchase decision: This is the visible part of the buying process. The final purchase decision is influenced by a number of factors including previous purchase experience from the seller and other environmental factors.
Post purchase behavior: This is the final stage of the buying process where a person matches the product with his expectations and feels either satisfied or dissatisfied. It is why firms actively work to build positive post purchase communications that influence the relationship between the buyer and the seller. Firms even use post purchase calls or ads to influence the buyer and convince him that he made the right decision. (SDSU, n.d.)
I recently bought an iphone and analyzing the whole buying process I find that there are a number of factors and stages behind the whole buying process. It starts with the recognition of a need or problem. I first identified that I needed a phone or rather got this cue from ads of the iPhone which attracted me instantly. The next step was to search for information which I found in ads and from the friends. The third stage was the evaluation of alternatives and I had a number of alternatives available to me including Samsung and Sony. However, I finally settled for the iPhone. It was mainly because of my previous experience with the Apple products which have mostly provided a highly satisfactory experience. Apple products are known for their performance and the special user experience they provide.
The next step was to go to a physical store and buy the product. I used the product a few days and it matched my expectations or rather exceeded it. Thus, I was finally satisfied with the product that I had bought. Overall, the buying experience was highly satisfactory. The high number of apps and other features led to a positive and satisfactory user experience.
There are also a number of other factors that affect our buying decisions. Sometimes it is the attractiveness of a particular ad and sometimes the financial capability of the buyer that affects the purchase decision. Sometimes a product may be costlier than we expect and in such cases financial capacity is an important factor that influences our decision since we would like to go for cheaper products in such an instance. An attractive ad also entices us to buy a product because we start to like the product instantly and under its influence make a purchase. However, other factors like prior experience are also important in this regard. If we have had good experience with a particular brand or seller we like to make repeat purchases from him. TT
Buying can be an up and down decision and possibly time consuming. When making a decision buyers often and maybe without knowing go through steps. These steps may include problem awareness, information on product, knowing or evaluating product, purchase, and then reevaluating product after the purchase.
One purchase I made recently was on cigars. For me when it comes to my cigars the product and the price are important to me. If you get a company who makes good solid cigars then smoking them is a real treat, so you often clearly know a good cigar is coming your way. I also like price, which in the world of cigars can tell you what the smoke or product will smell, and taste like. In my case I have evaluated this product very often, and reevaluated it when I smoke them. This has allowed me to focus on what I like and what I will get with in a solid price range. The company in this case that carries my cigars has to know not just my needs but the needs of other consumers. “There are three components to identifying a target market: the consumer needs and will purchase your product; the consumer has enough money to purchase your product, and there are enough consumers in this targeted market segment to make it profitable for your organization to sell the product.” (Ogden & Ogden, 2014). They seem to know who to target through catalogues, price, and emails, but tailor it to each consumer’s needs and wants. SO
Marketing opportunity analysis involves exploring a given market to find out whether an opportunity for sales and profits exist. Marketing opportunity analysis results in enhancing an organization’s ability to determine the needs of the customers and design and deliver items that best satisfy the customers’ needs (Burns, Bush, & Sinha, 2014). Besides, it assists an organization to acquire a competitive advantage in the market since it facilitates production of products aimed at meeting customer desires. Concisely, marketing opportunity analysis attempts to analyze a market to determine whether an organization can make more sales and profits.
The two components of marketing opportunity analysis identified are customer segmentation and marketing. Customer segmentation is a means of targeting potential customers. It involves evaluating the lifestyles of customers and identifying the characteristics of different market segments such as demographics and socioeconomic data (Burns, Bush, & Sinha, 2014). Customer segmentation contributes to an effective IMC (integrated marketing communication). This is because it enhances the creation of communication channels that the organization can best apply in creating the market segments. In this view, a proper communication channel enhances coordination in the organization, hence, facilitating the segmentation process.
Subsequently, marketing component of MOA involves identification of information regarding sales and behaviors of consumers. Some of the factors considered in marketing include the types of products to market in certain locations, the people to involve in advertisement program, events to sponsor, and locations to improve in-store promotions (Burns, Bush, & Sinha, 2014). Marketing contributes to effective IMC as it enhances the use of repeated message in conducting marketing that has been discovered to be effective. Besides, marketing enhances activities such as creating brand awareness that is linked with positively affecting the behavior of buyers.MT
When a business conducts a market opportunity analysis a business is trying to understand the current market and trying to figure out how their company can earn some money. Now days a lot of businesses just selling product not knowing if it’s still trending or wanted by consumers. Don’t get me wrong you can make something “popping” or “retro” but it had to be “popping” when it was trending previously. Looking into the wants and needs of the market is a necessity so one wouldn’t not only miss out on some money but waste money on unwanted products. Two components of MOA are target market and knowing your competition. How target market contributes to the IMC is by simply advises the marketers who to target and possibly how to even grasp their attention toward the product. For instance if one is trying to promote a new kitchen appliance the business would have ads all over amazon, commercials, and social media because they know women and cooks love television and we love to talk about what we done made recently. If one is trying to target teens all you have to do is post ads and make social media pages to get the attention of teens. Now days billboards aren’t going to work because everyone to used to GPS and being in their phones on car rides. When it comes to knowing your competition this is essential to IMC because you need to know how to stand out from your competition. If your competition is sending out emails to customers about new merchandise you can ask them for their social media and advise if you follow us or sign up for our text you get a certain percentage off your next purchase. Everyone loves discounts and everyone love shopping with people who keep them informed about new looks and deals. dw
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