[w2] consumer behavior

Need Recognition

The process begins when a consumer identifies a need or a problem.

Information Search

Once a need is recognized, consumers start searching for information about potential solutions.

Internal Search

Recalling past experiences, knowledge, or memories about products or services.

External Search

Seeking information from personal sources, commercial sources, public sources, or experiential sources.

Evaluation of Alternatives

After gathering information, the consumer compares various options based on a set of important criteria.

Evaluation Criteria

Features, price, brand reputation, quality, and more used to compare products.

Purchase Decision

The stage where the consumer makes the final decision about what brand/model to buy, as well as where, when, and how to pay.

Post-Purchase Behavior

The stage involving using the product and evaluating whether it meets expectations.

Satisfaction post-purchase

Occurs when the product performs as expected or better, potentially leading to brand loyalty.

Dissatisfaction post-purchase

Occurs when the product does not meet expectations, which can lead to cognitive dissonance or buyer's remorse.

Digital Transformation

85% of businesses say this is essential to their survival.

Agility

The ability for businesses to respond quickly and effectively to market shifts and customer demands

adapting to change

Businesses that embrace agility respond more

quickly and effectively to market shifts,

customer demands, and unforeseen

challenges.

Real-world impact

Industry leaders who stay ahead of disruption

are those who proactively embrace change

and continuously innovate.