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As part of consumer behavior, the buying decision process is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a good or service. It can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives. [1] [2]
Buyer's remorse is an example of post-decision dissonance, where a person is stressed by a made decision and seeks to decrease their discomfort. [2] The buyer may change their behavior, their feelings, their knowledge about the world (what they thought the purchased item would be like), or even their knowledge of themselves. [ 3 ]
A considered purchase is a complex buying decision with a high degree of financial and/or emotional risk and reward. [1] This process requires meaningful investigation and comparison by key decision makers and influencers prior to a transaction. [2]
The common thread among all hierarchical models is that advertising operates as a stimulus (S) and the purchase decision is a response (R). In other words, the AIDA model is an applied stimulus-response model. A number of hierarchical models can be found in the literature including Lavidge's hierarchy of effects, DAGMAR and
What is remembered about a decision can be as important as the decision itself, especially in determining how much regret or satisfaction one experiences. [2] Research indicates that the process of making and remembering choices yields memories that tend to be distorted in predictable ways. [2]
A decision to buy an ice-cream sundae is motivated by the desire for sensory gratification (positive motivation). Another approach proposes eight purchase motivations, five negative motives and three positive motives, which energise purchase decisions as illustrated in the table below. [66]
Power and conflict issues within the buying center. Decision making. One stream of research focuses on the number of decision phases and their timing and the other emphasizes the type of decision-making model (or choice routine) utilized. Communications flow. The informal interactions that emerge during the buying process.
In this example a company should prefer product B's risk and payoffs under realistic risk preference coefficients. Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine).