The paper "Factors Impacting Consumer's Decision of Buying a Car" is an impressive example of a Business assignment. The main objective of this research is to find out how internal and external factors influence the decision of a person to make a major purchase. Consumer behavior is a psychological process a consumer undergoes in recognizing needs, looking for ways to solve the needs, make decisions on what to purchase. For my case, I am going to analyze how these factors made Mr. Parker, an American and a manager of one of the top companies in the country came up with a decision of purchasing his new BMW, V6. Many times, we tend to ignore the impact of culture in our decision-making process but in a real sense, it has a great impact.
For instance, an American cannot make a purchase without bargaining with several store owners to come up with the best bargain (Solvic 1995). Likewise, physical factors influence our behavior. Moreover, the self-image of a person is also a determinant of what we purchase. Social factors cannot also be neglected. This is because most of the time we tend to buy things because some people in our inner circle have them or some people whom we admire or we take as role models have them (Solomon, 1999). Decision-making process and Consumer choice The consumer decision-making process contains several steps.
The steps are; problem recognition, a search of information, evaluation of alternatives, and finally the purchase. However, the post-purchase stage can also be included if a customer finds out that the product is not satisfactory and meeting the expectations. In reality, these stages can overlap where a consumer can go back and forth between the steps (Hoyer & MacInnis, 2001).
For instance, a person can go back to alternative identification when already he is evaluating a known alternative. Moreover, consumer involvement tends to vary with the kind of product. Generally, the involvement is higher for expensive products like cars and houses or if the product is of high significance to the life of the consumer (for example word processing program).
Best, R., Coney, K., & Hawkins, D. (2004).Consumer behavior: Building marketing strategy (9thed.). New York: McGraw-Hill/Irwin.
Cohen, M. (2006).Why customers do what they do: Who they are, why they buy, and how you can anticipate their every move. New York, NY: McGraw-Hill Companies.
Hoyer, W. D., & MacInnis, D. J. (2001). Consumer behavior. Boston: Houghton Mifflin.
Miniard, W., Deepak S, and Daniel, I (1992), “Peripheral Persuasion and Brand Choice,” Journal of Consumer Research, 19 (2), 226–39.
Moorthy, S., Ratchford, B. and Talukdar, D. (1997). Consumer information search re-visited. Journal of Consumer Research, 23 (4), 263-277.
Rath, P., Bay, S., Petrizzi, R., & Gill, P. (2008). The why of the buy: Consumer behavior and fashion marketing. New York: Fairchild Books, Inc.
Sheth, J., Mittal, B., & Newman, B. (1999).Customer behavior: Consumer behavior and beyond. Mason, OH: Thomson South-Western.
Slovic, P. (1995). The construction of preference. American Psychologist, 50(August), 364-371.
Solomon, M. R. (1999). Consumer behavior: Buying, having, and being. Upper Saddle River, N.J: Prentice Hall.
Solomon, M., &Rabolt, N. (2004).Consumer behavior in fashion. Upper Saddle River, NJ: Prentice Hall.