What five steps are involved in the consumer decision making process
1. Problem Recognition: The consumer identifies a need or problem that requires a solution. This could be triggered either internally (e.g., feeling hungry) or externally (e.g., seeing an advertisement for a new restaurant).
2. Information Search: The consumer gathers information about the available options to satisfy the identified need. This can be done through various sources such as personal experiences, word-of-mouth, online research, or seeking advice from friends or professionals.
3. Evaluation of Alternatives: The consumer evaluates different alternatives based on various criteria such as price, quality, features, brand reputation, etc. They compare the pros and cons of each option to determine which one best fulfills their needs or solves their problem.
4. Purchase Decision: The consumer makes a decision to purchase a specific product or service from the chosen alternative. This decision can be influenced by factors such as price, availability, promotional offers, perceived value, and personal preferences.
5. Post-Purchase Evaluation: After purchasing the product or service, the consumer assesses whether it meets their expectations and delivers the desired value. If the consumer is satisfied, it reinforces their decision and increases the likelihood of repeat purchases. However, if the product fails to meet expectations, the consumer may experience post-purchase dissonance and may reconsider their decision in the future.