What are the five stages of the consumer buying process? Through market research a consumer gathers information about the competing brands of a product and their features. The consumer then advances through four sets with respect to brands before a decision is reached. What are those four sets?

According to Kotler & Lee (2005), consumer buying process is a psychological process that plays an important role in understanding how consumers actually make their buying decisions. Consumer buying process helps individual decide what the specifications is that is wanted in the product. The five stages of consumer buying process are:

 Problem or Need Recognition:

Consumer buying process's first step is problem or need recognition. For consumer to buy goods or service they should have clear idea as to what is needed from the product. This step helps to identify the specific need that consumer wants in the product which they want to buy.

 Information Search:

After recognizing the need, information about the need is searched about the product. Informations like features, added benefits, and advantages of the product are searched. Through various sources like internal search and external search required information is gathered.

 Evaluation of Alternatives:

After searching information various alternatives are revealed. Form the revealed alternatives consumers evaluates, calculates and logically identifies the strength and weakness of the alternatives. On conscious and rational basis evaluation is conducted so that the result is good. Evaluation the best alternative which gives better satisfaction is chosen. Evaluation is based on product attributes, brand belief and utility function attributes.

Purchase Decisions:

After carefully evaluating the alternatives, purchase decision is taken by the consumers. Purchase decision is influenced by the methods of payment, purchase intention, etc. At this stage the purchase is made.

Post Purchase Behavior:

After the product is consumed, consumer generates the level of satisfaction or dis-satisfaction that is developed consuming the product. If consumers are satisfied with the product or service, they develop brand loyalty and if not they discontinue buying that product or service. At this stage consumers are full of anxiety which relates to whether the purchase decision was good or not.

The four set consumers advance with respect to brands before a decision is reached are:

i.  Total set: Total set is the summation of all the available brands set of the product in the market. For example if you want to consume noodle, then all the noodle manufacturing companies are total sets.

ii.  Awareness set: Those sets which the consumer knows of existence in the market among the total set is awareness set. For example if there are plenty of existing as well as new producer of same product in market and you know only few producers' product, the few products known is awareness set.

iii.  Consideration Set: On the basis of price and quality consumers evaluate and choose from various alternatives is consideration set. Those brands that are considered for purchase out of awareness set is consideration set.

iv.  Choice Set:  The alternative that is chosen to provide the consumer high return and satisfaction is choice set. At this point purchase decision is taken.

References:

Kotler, Philip & Keller, Kevin. (2006). Marketing Management. (12th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.

Kotler, Philip and others (2009). Marketing Management. New Delhi: Pearson.