Decision Process Analysis with Tables

Chen. 1

Chris Chen

Professor Bacon

Marketing 2910

October 15th, 2020

Project 1: Decision Process Analysis

INTRODUCTION

The process of buying a new product usually requires an individual to make an informed decision about its importance. Buying an item more so, which is likely to cost a fortune, should only be compared with making a real investment that will not make the individual regret the purchase later in life. While many people may not take into consideration the aspect of coming up with a decision about the item to buy, processing the decision, and analyzing if indeed that item should be bought, it becomes important for people to know that in the modern marketing environment, a shoddy informed decision can highly lead to regret. Why regret? Buying an item before critically understanding its originality and price and comparing it with other marketing avenues that sell the product can easily lead to one either realizing that they paid much money for the item or bought a faulty or a fake item. In his quest to become a freelance photographer, Stephen can be seen as one of the few millennials who is not carried by the idea of impulse buying but takes his time to conduct a thorough decision process analysis of the camera he wanted to buy. Stephen, a 20 years old male Asian American who initially worked as a waiter in a downtown restaurant in Denver, Colorado, has decided to become a freelance photographer before being laid off due to the Covid-19 pandemic. At the time of his interview about his decision process analysis, which happened on October 18th, 2020, he had bought a new digital camera, which he believed was the right choice for his new venture. This discussion seeks to analyze some of the Decisions that Stephen made leading to the purchase of the digital Canon EOS Rebel SL3/250D camera.

PROBLEM RECOGNITION

To arrive at his ultimate decision, Stephen had to recognize the problem he had at hand. Owing to the economic turn of events, he saw the need to venture into a new "hustle," which will guarantee a steady income before returning to his actual job. His decision to become a freelance photographer was necessitated by the fact that he saw a niche in the field because many people would want to take pictures outside after being indoors for a long time. Various aspects further necessitated his choice to purchase a Canon EOS digital camera. The first aspect was to provide better pictures that would stand out to enable him to win clients. In the quest for this new project, Stephen was majorly influenced by one end goal: to find an affordable digital camera that would be able to stand out the test of time while at the same time providing the necessary services needed in the photography industry. This aspect would entail taking clear photos, proper and easier editing services, and a proper storage capacity that would help him take as many photos as possible. His decisions' end goals were majorly influenced by marketing decisions, which involved the camera's aspect. Stephen wanted something that would provide service for a longer period. Being a modern digital camera, Canon EOS came up with numerous marketing advantages over other cameras that he saw in the market. For example, despite providing a cheaper alternative, the camera was bigger than the mirrorless model, which is also preferred by most freelance photographers. Secondly, the camera is easy to use more so to beginners and provides him with excellent live autofocus.

INFORMATION SEARCH

To arrive at his purchase decision, Stephen conducted an information search from within himself and external influences. The major internal influence was the affordability of the item. Before making a choice, he had to evaluate whether he could truly afford the camera. And if not, how was he to fulfill his wish of buying one? On the external influences, he had to consider various aspects of the marketing perspective. The first aspect was the cost comparison with other brands, which are likely to serve the same purpose. This comparison was conducted with other brands such as Nikon D3500, Olympus O-M, and Panasonic Lumix G100. Being some of the best cameras in the camera, the choice that led to Canon EOS was highly influenced by cost. When it comes to evaluating the alternatives, the subject felt the need to conduct a market research on some of the existing freelance photographers and how their experiences have been with the other mentioned cameras.

Table 1: Information Sources

In searching for the best item to purchase, the subject conducted online research from some of the most reputable online shopping platforms. The first area of interest was on e-bay, where he found the price to be $601. The second online avenue was on Amazon, which seemed to be a little affordable by retailing at $594. Going with the cost-benefit analysis, the choice of purchase was highly influenced by the cheaper option at Amazon. Before the purchase decision, the subject wanted to know more about the cameras and conducted online research on some of the reputable websites Digital Camera World, which was highly effective in showing a wide range of cameras, functionalities, and which category of photographer they are likely to fit. The website also provided recommendations on which camera to purchase as a beginner and which one to purchase as an expert. To get other credible information on the purchase, the subject could also use an information table which could have provided an assortment of details. Some of the other examples of information sources that would have been helpful include Digital Photography Review, Canon Rumor, New Camera, Photography blog, and Cinema 5D. What can market recommendations help make the informed purchase decision? According to Dholakiya Pratik, a marketing consultant, some of the best marketing practices that can help an individual, such as Stephen, are personal and economical. Being a typical millennial, the subject is recommended not to be overhyped on impulse buying but rather be alert on small details such as conducting a market and needs research. Does the person need the item? Is the item available and affordable in the market?

ALTERNATIVE EVALUATION

Before making the informed decision on the type of camera to buy, Stephen had other alternatives to choose from. The choice was guided by various factors such as availability, affordability, size, style, and warranty.

Table 2: criteria by Alternatives

Price seems to be the most important attribute which prompted the subject to make the decision. While other factors such as warranty played a critical part, other aspects such as availability of the item and color seemed not to have played a crucial part in the decision. In assessing the risks level before making the purchase, the subject was guided by certain attributes of the items within the alternatives. From the five alternatives in the market, it was highly important for the subject to understand the risk level that would lead to the decision. The first risk level was the issue of price. The different cameras were seen to perform almost all the similar functions; however, owing to the buyer's economic situation, it became important for him to gauge which one to be bought and which one to be left as a result of price disparity. The Canon EOS, which retailed at $549, was chosen despite not being the cheapest. This aspect was driven by other preferences, such as the warranty and stock availability. These three factors made it highly sought after making it a priority, thereby making its price a high risk for making the decision. The other factors, such as color, did not play much importance because the subject was comfortable with any other color so long as he got what was to serve the purpose. When it comes to the store's choice and the product, the subject chose the product first because the item could easily be acquired in numerous stores locally and internationally. Amazon's choice was highly influecnced by the price offered compared to other choice platforms, which is e-bay.

POST PURCHASE PROCESS

Table 3: Post Purchase Dissonance Table

The subject bought the item and experienced some level of post-purchase dissonance. During the decision, the price aspect was seen as the principle decision-making aspect that made the person make the purchase. Price remained as high-risk post-purchase dissonance because it forms the bulk of the decision made, while other attributes such as color did not seem to be an issue with the purchase. The subject can be described as satisfied with the purchase and the performance due to the item's attribute and the price. Furthermore, the person can return the item in case of any breakages because he still enjoys a two-year warranty with the sellers who have assured to cater for any damages to the camera.

Table 4: Expectancy Confirmation

Upon the purchase and the use, the subject gave feedback on the experience, highlighting some of the item's reviews. After a moderate usage, he reports that the item is what he wanted to use because it has provided him with a system that can be described as comfortable. For example, it is easy to use as he wanted; it does not need frequent changes and maintenances while at the same time, it very convenient in terms of carrying and storage of the photos. Some of the subject's self-attributions are the recommendations that are seen to be in line with the company's expectations and what any other aspiring freelance photographer would want. How would the subject increase satisfaction of the product? Making use of the product to its full use is the only way to ensure that he enjoys the item to its full capacity. This aspect involves issues such as constant maintenance and going for the warranty incase of some slight damage to the item.