The paper "Internal Factors Influencing Decision-Making " is an outstanding example of management coursework. Scarcity of resources possesses a daunting challenge to consumers as they try to satisfy their wants. The satisfaction of a given want automatically triggers the need for another and this further complicates the choice of a product. The challenge is further made more practical when a consumer is faced with alternatives upon which he has to make a rational decision as consumers are assumed to be utility maximizes subject to the budget constraints. A rational consumer thus has to choose a bundle that will best maximize his utility (Michman, Mazze & Greco, 2003, p.
111). Opportunity cost is weighed against any preferred choice before the actual choice is validated. A consumer hence only settles on a product with lesser opportunity cost after a close evaluation of the salient issues surrounding a given preferable bundle. In a nutshell, the whole process before settling into a particular product by a rational consumer is referred to as the consumer decision-making process. Selected product The mobile phone is the product chosen for this paper. Decision-making process Problem recognition A consumer identifies the need for the mobile phone, this comes in three folds.
For the first time consumer who is acquiring the product for the first time. We can also have a consumer who is considering replacing his old product with a new but same brand. The third situation is where the consumer is fed up with his exiting brand and is considering another advance brand. As noted by the Mass law hierarchical need, consumers are restrained as per the necessity, safety, self – esteem, ego and self-actualization. Information search The consumer shares the problem with others or may go for the customer care services to get more about the kind of phone he wants.
In this cases for a first consumer, higher involvement is called for where need to gather massive information including the degree of easiness of the said product to acquire including the risks attached to such products and even the side effects if any. For a consumer who is replacing an old product but the same model, lower involvement will apply. Evaluation of alternatives At this stage, the consumers seek to make the right choice of the mobile phone he requires depending on the budget line he is facing.
In this case, the perception of a consumer about a given brand plays a major role as he weighs the best option to settle on. Consumers would want to associate themselves with the best products. Product choice The consumer at this point settles on a given mobile phone after every evaluation of the alternative upon a vigorous cost-benefit analysis for the brands available subject to his constraint. The perception and consumer preference play a vital part in this stage.
We may have the same model with similar features but with different colors and hence the consumer will use the color to have the preferred choice. The consumers’ mind faced with a choices tries as much as possible to simplify the time spent in making a choice, some associate higher price with quality and hence will use this to make a choice (Richter, 2012, p. 118). Criterion such as brand equity which refers to the value of the brand’ s name as well as brand loyalty help consumers to make decisions.
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