MKT10001: Fundamentals of Marketing Assignment 2: Consumer decision-making process
Table of Contents INTRODUCTION. 3 Need recognition. 3 Information Search 4 Alternative evaluation 4 Purchase decision 5 Post-purchase evaluation. 6 CONCLUSION 7 Reference list. 8
Introduction This report will discuss the important process consumers go through before making the high involvement purchase of a Hyundai i30. Understanding how consumers make purchase decisions is imperative for marketing managers as they decipher the most effective way to communicate to their target audience. In a crowded small cars market, it is crucial for Hyundai to understand the psychology behind why consumers choose some products, brands and sub-brands over others. Therefore, throughout this report we will explore the theory behind the five stages of the decision making process and how consumers navigate their way through the stages when in the market for a new car. Need recognition Need recognition occurs when the customer recognises a need for a particular product and then has to determine whether that need is genuine or in fact a desire. The need can be triggered by internal factors such as longing and external factors such as advertising or design (Lamb et al. 2016, p. 47). Maslow (1954) proposed that our needs recognition can fall into one of five categories; physiological, safety and security, belongingness, esteem or social need and self-actualisation. With regards to a car, the initial need recognition may come once the consumer experiences mechanical faults with their current car, which can induce an imbalance between actual and desired states. However, for many people a car can be perceived as a status symbol, and as a result, the need recognition can be exacerbated by the desire to have a brand new car, falling into the 'esteem' category of Maslow's hierarchy. To trigger need recognition for the Hyundai i30, marketing managers could look to ignite 'social need' within their target demographic by partnering with an influencer to post on their socials about their exciting new small car. This strategy would induce feelings of desire to boost self-esteem and status.