The paper "An Influence of Positive Effect on Decision Making in Complex Situations" is a wonderful example of a Marketing Case Study. A consumer refers to a person who buys goods and services from a market for personal use. Every marketer wishes to get into a consumer's mind and figure out how a customer makes his or her decisions before making a purchase. Markets always strive to understand how they can make consumers purchase their products or services. Buying a product is the only visible procedure of a complex decision-making process that is created by a consumer for every purchase decision he or she makes (Michel, 1998).
The biggest question is based on what takes place before and after the acquisition or the kind of factors that influences the product purchased choice. During a buying decision-making process, a consumer undergoes numerous stages as shown below. Need↓ Information Gathering/Search↓ Evaluation of Alternatives↓ Purchase of Product/Service↓ Post Purchase Evaluation Consumers apply the steps shown above to help them purchase many products and make relevant decisions before acquiring the product. For instance, gold is an increasingly valued and cherished product.
Gold has been a medium of exchange a feature that has made it be valued all through history. Today the value of this commodity is carefully watched in the world market, and there is an active trade for its investment value. The aim of this paper is to focus on the Consumer Buying Decision Process and the stages involved as far as buying gold is concerned. Need acknowledgment is the first step and most essential stride in the purchasing procedure. This infers that in case the need is not present there is no purchase that can happen.
This is a crucial step in the purchasing process because it gives a customer a chance to clearly review what he or she wants and which satisfies the recognized need in the best way possible. This type of acknowledgment happens when a slag exists between the shopper's genuine circumstance and the thought and sought one. For example, gold is taken as a materialistic symbol. Thus, one may choose to buy it as an image of riches, the wellspring of happiness and fortunes in a man's life.
Additionally, gold is likewise considered as a decent venture. It increases in quality and is considered as a protected and secure venture that has a capacity of diminishing portfolio risk. It is important to note that it is not all needs that end up being a buying behavior. It is required that the existing lag between the actual and ideal situation be quite significant. However, the way of obtaining the ideal situation, needs must be perceived as acceptable by the consumer on the basis of the level of importance he or she attributes to the need (Jillian, and Geoffrey, 2001).
The need recognition by a consumer can be instigated in diverse ways. These can be classified as follows Internal stimuli; this alludes to mental needs or the individual observation that a shopper feels, for example, status. On the other hand, it opposes the external stimuli such as the sight of an Indian wedding gold as part of the dowry or the word of mouth regarding gold status uplift. These needs can be named:
Alice N Isen, 2001. An Influence of Positive Affect on Decision Making in Complex Situations: Theoretical Issues With Practical Implications. Journal of Consumer Psychology. Vol.11, No.2, pp 75-85
Baba ShivAlexander Fedorikh, 1999. Heart and Mind in Conflict: the Interplay of Affect and Cognition in Consumer Decision Making. Journal of Consumer Research. Vol, 26, No, 3. pp. 278-292
Dan Ariely, 2000.Controlling the Information Flow: Effects on Consumers’ Decision Making and Preferences. Journal of Consumer Research. Vol.27,No.2, pp. 233-248
Harvir S. Bansal and Peter A Voyer,2000. Word-of-Mouth Processes within a Services Purchase Decision Context Journal of Service Research. vol. 3 no. 2, pp. 166-177
Jillian C Sweeney and Geoffrey N Soitar, 2001.Consumer perceived value: The development of a multiple item scale. Journal of retailing. Vol.77,No.2, pp. 203-220
Michel Tuan Pham, 1998. Representativeness, Relevance, and the Use of Feelings in Decision Making Journal of Consumer Research. Vol.25 No, 2, pp. 144-159
Veld, Chris and Yulia V. Veld-Merkoulova, 2008.“The risk perceptions of individual investors.”Journal of Economic Psychology. Vol 10, No 1, pp. 226-252.