The paper "Internal Factors Affecting Consumer Decision Making" is a good example of business coursework. Service providers, goods manufactures of the same have availed numerous versions and alternatives of either of these in the market for the target consumer. The availability of these with variance in content, quality, size and price makes it mandatory for the subject consumer to make a decision of choice. Perhaps for purposes of clarity, a consumer is a person who purchases a good or service from the respective market for their own personal use. The decision making involves choosing to purchase or buy one particular good or service out a number of choices of the same.
Putting mobile banking service at the center of this discussion makes it possible to outline the main processes of decision making, the internal factors influencing it and the relevant theories. Trends of consumer decision making are important for the service and goods providers but more important to the consumer themselves as it gives them more for less. The choices made by consumers may at times be wrong choices depending on the effect of the factors that influence the process.
However, the end result of decision making and making a choice is driven by innovation, productivity and competition. As indicated by Senecal, Kalczynski and Nantel (2003), a decision-making process by a consumer undergoes sequential stages that give the consumer skills of making a relatively satisfying choice. It is important to review the steps of the decision-making process in order to establish the probable factors that can affect it and, in relevance to this discussion, the internal factors. This paper adopts the approach of summarizing the steps into five major ones which are all-inclusive.
These are basically problem recognition, information research, alternative evaluation, decision and post-decision evaluation. Problem recognition The first step in the consumer decision-making process is the need to recognize the problem to be addressed or the desire to that one wants to satisfy. This problem or desire that is with the customer establishes the difference between the actual state and that ideal relative to the consumer. Need is the basic factor that leads a consumer into buying a service or product. In this case, a mobile banking service consumer has the need for managing their funds easily and appropriately irrespective of their location.
Managing herein refers to having access to banked money, transferring amounts and even checking balances. Information Research This is the second step and is research since in most cases the information is already available. This involves using appropriate methods to gather information about the need that is to be met. Information research can be divided into internal and external search. The internal search involves a scan of information from past experiences or knowledge regarding purchase alternatives.
The external search involves external sources, which could be public sources, to acquire information about the same (Senecal, Kalczynski & Nantel 2003). For the financial banking services, the consumer of this service would want to know how to personalize the system of banking, operation of mobile banking service, its advantages and costs, amongst others.
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