Question

You will be graduating soon and have been offered what you consider the job of your dreams. The new position, however, requires some traveling so you will need a car. You currently do not have one. Briefly explain your action/s in the fourth stage based on the five stages of the consumer purchase decision process based on your decision to buy a car to commute to work. (You must describe what you would do in this stage as a customer). Describe what you know about the term evaluative criteria and consideration set.

Answer 1

Answer:

At the fourth stage of the consumer purchase decision process, I have passed the stages of need recognition, information search, and option evaluation.  This means I have chosen a brand of car to buy, perhaps a Toyota camry 2020 model.  What is left is for me to go ahead and make the purchase.  What I need to do now is to select the automobile dealer to buy from, decide the exact date to make the purchase, and how I will pay for the car.  I will then approach the dealer to negotiate the best deal.  I will ask for testing and then sign the papers for the final purchase.

2. Evaluation Criteria:  According to the Organization for Economic Cooperation and Development, there are five criteria for evaluating a decision.  They are relevance, efficiency, effectiveness, impact, and sustainability.  These interdependent criteria provide the decision-maker with the essential information and clues to understand the situation and determine what should be done next.

3. Consideration Set:  These are the  alternatives which consumers actively consider before making their final purchase decision.  For example, to purchase a car, the purchaser could have decided a brand from among all others.  All the brands from which she chooses a particular brand is the consideration set.  She could also consider the models of a particular brand.   In that case, the set of models is the consideration set.

Explanation:

The five stages of the consumer purchase decision process are:

1) Need Recognition - when the consumer identifies the need, problem, or gap for the purchase.

2) Information Search - this is the time that information is gathered about how to fill the gap and meet the need.

3) Option Evaluation - is the stage for identifying the options (alternatives) that are available for solving the need problem.

4) Purchase - is the actual solution to the problem.

5) Post-purchase evaluation is the time for asking if the need had been met with the purchase or expressing regret for choosing one option against the other.  It is the time the consumer knows if her need had been satisfied.