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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]
The decision to purchase involves those with purchasing and financial expertise and those with technical expertise, and (in some cases) an organization's top management. [5] McDonald, Rogers and Woodburn (2000) state that identifying and influencing all the people involved in the buying decision is a prerequisite in the process of selling to an ...
The factors that influence the decisions of household (individual consumers) to purchase a commodity are known as the determinants of demand. [3] Some important determinants of demand are: The price of the commodity: Most important determinant of the demand for a commodity is the price of the commodity itself. Normally there is an inverse ...
Sales Funnel or Purchase Funnel: The sales or purchase funnel (sales from the seller's perspective and purchase from the buyer's perspective) guides potential customers through stages of awareness, interest, desire, and action, culminating in a purchase decision. It is a subset of full funnel marketing, centered specifically on the conversion ...
Buyer's remorse is thought to stem from cognitive dissonance, specifically post-decision dissonance, that arises when a person must make a difficult decision, such as a heavily invested purchase between two similarly appealing alternatives. Factors that affect buyer's remorse may include the resources invested, the involvement of the purchaser ...
The buyer decision process or consumer decision process is described in three or five stages. The basic, three stage model [3] [4] of consumption describes obtaining, consuming, and disposing of products and services. The study of consumer decision making expands these into five stages, first described by John Dewey in 1910: [5] Problem recognition
Rates for a 15-year fixed mortgage average 6.23% for purchase and 6.22% for refinance, down 1 basis point from 6.24% for purchase and 1 basis point from 6.23% for refinance this time last week.
Customer's purchase intention based on rational expectations, and additionally impacts on emotional trust. Moreover, those expectations can be also establish on the product information and revision from others. [26] In several studies, perceived value, shopping style, and brand trust are the main factors that affect online consumers' decisions ...