Fri, 10 August 2007
-How we make buying decisions
-Understanding the 5 stage Purchase Process
Welcome back to the MBA Working Girl Podcast-Where Business Theory and the Real World Collide! I'm your host, Laura Adams.
MBA Essential Tip:
The reasons how and why consumers decide to buy a product or service is of extreme interest to marketers. If we know what motivates a potential customer, we have more power to influence their buying behavior. This is a great goal, because marketing's influence upon customers ultimately serves to better meet their needs!
As consumers, our buying behavior is shaped by internal (endogenous) or external (exogenous) factors, or a combination of both. Internal factors could be our level of education, self-image, personality, attitudes or personal motives. External factors would be family, social status, culture, and reference groups such as peers.
"A weak man has doubts before a decision, a strong man has them afterwards." -Karl Kraus (1874-1936)
In this show I review stages 1-4 of the Buying Decision Process. I hope it will prompt you to become more aware of your own thoughts and feelings as you move through each stage.
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Thanks for listening!
Do Good Work, Laura
Direct download: MBA_WGP_24_-_Before_a_Decision.mp3
Category: podcasts -- posted at: 8:45 PM