Executive Summary of M3: Assignment 2

The Buying Process

Purchasing an item is it an eBook or a consumer good seems to be an easy process, but in the real sense, it entails more than just observing the product and purchasing it. Purchasing an item consists of the five main process called the buying process that enables an individual to identify a want then match it with the corresponding product that will meet the need or want. The buying process consists of five main steps namely, problem recognition, information research, evaluation of choices, purchasing decision and post-purchase evaluation. Technology has made it possible for individuals to access books in the form of eBooks from the internet then save it on their laptops. Purchasing of an eBook will entail all the above processes just as any other product in the market as discussed below (Mandl, Felfernig, Teppan & Schubert, 2011).

The first step in the buying process is problem recognition. Problem identification can be defined as the method an individual identifies a want or need. There is a slight difference between a need and a want. A want is an item that a person desires, but it is not essential and can live without. On the other hand, need, classified into three refers to an element that is important to an individual and cannot live without. Need is divided into functional, social as well as change needs. The functional need means that a product will fulfill the functional need of an individual while the social need is a need that requires social recognition from the society such as the purchase of a new car. Lastly, the need for change is when an individual needs something different like a product that was recently launched.

Marketers always want to create an imbalance between the present status of a person to their preferred status. The imbalance will then create a need or want. For this reason, marketers aim to find the effective way to balance the status of their consumers (Mandl, Felfernig, Teppan & Schubert, 2011). Balancing of need is done in various ways such as advertising a new product to a consumer that was previously frustrated. Moreover, when an individual runs out of a product, a marketer will try to tempt a consumer to purchase his or her product by offering incentives. Lastly, a consumer may realize a product has better productivity that the current product. For this reason, a marketer will ensure that his or her product is always at the forefront in adding value to users. In relations to the purchase of an eBook, a marketer will consider the imbalance in consumer’s status and try balance the status by using effective strategies to realize the natural wants of consumers such as advertising new books in the market.

The second step in the buying process is information search. Once an individual has realized a need or want, he or she will find information as to where he can find the best product to fulfill his or her need. Information search is divided into two, namely, external and internal search. For external search, an individual utilizes search from the outside environment such as from friends, internet, magazines and newspapers. An individual can read from magazines and newspapers area that sell the best books and the purchasing experience on that site (Teo & Yeong, 2003). Moreover, individuals will use social media sites such as Facebook to search for the same information. Interaction with different people on social media sites will enable an individual to gather information on past experiences or sites such as Amazon that are most reliable when in need of a book. Also, information can come from relative and friends that love reading books. Relatives and friends will offer advice on sites reliable for books.

In relation to the purchase of an eBook, a marketer will take advantage of social media sites to advertise eBooks that one sells in various sites. People will then spread the word of the marketer’s books as well as the sites to find the books. Also, it is important for an individual to work closely with different print publishers that will help in advertising books very time there are new products on the market. For this reason, different people that read the newspaper or magazine will get first-hand information from these media and spread to people the books available from the marketer advertising. It will be easier for an individual to gather such information when a marketer discloses much information of books one sells.

After gathering relevant information from different sources, it time to evaluate choices. At this step, an individual evaluates the best option to from (Mandl, Felfernig, Teppan & Schubert, 2011). Every consumer has different preferences and tastes that are never similar to that of a neighbor or relative. For this reason, a consumer will evaluate the choices he or she was offered from step two to come up with an alternative that best suits his need. There are various reasons a consumer will decline options given such as bad experiences during the purchasing process, or a book did not meet the needs of consumers. The above reasons enable an individual to come up with a set of choices that will suit his or her preferences and an inept set that consist of products that consumers cannot consider purchasing.

At this stage, a marketer will identify strategies that will help him or her influence the purchasing power of an individual. Some consumers decline options given in step two because the books are sold at high prices. In such a case, a marketer will sell eBooks at lower prices so that a consumer may consider the book. In other instances, a marketer may find that there are other sites such Amazon or eBay that did not create a positive relationship with a purchaser. For this reason, a marketer will avoid selling books from such sites and choose sites that have positive influences. More so, a marketer will advertise his or her eBooks in areas that receive much attention, and the probability of people spreading the news or marketing of books of the marketer is high. In short, a marketer at this step formulates strategies that will allow him or her to attract consumers in purchasing an eBook one is selling.

The fourth step is buying a product. After evaluation of the best alternative to using, a user can now go ahead and purchase a product. As discussed in step three, a consumer’s purchase decision depends on a number of factors. To start with, a consumer’s decision will depend on the satisfaction of a need. If a product can meet all the needs of a customer, then a user is more likely to purchase the product. A second factor is information gathered from step two. In this case, an individual can find out that there are books that are prone to grammatical errors and others have incomplete information. For this reason, a user will opt for another book from another marketer. There are cases that a consumer’s decision is limited to the site that the book is found. For instance, if a book is found in Amazon, but Amazon has a bad reputation for selling books that have incomplete information. Then a user will opt to purchase from a competitor company (Teo & Yeong, 2003).

As a marketer, one should be keen on factors that may deter a customer from buying a book. A site that has a bad reputation should be avoided because it reflects a bad image to the books the marketer is selling. Any marketer should make it easy for a user to purchase a book. If most users prefer to use a credit card to purchase or PayPal services, then a marketer should work on ensuring a site that a book is sold in has the above requirements. The payment method should be such that consumers can have access to the required materials. Moreover, a marketer should advertise eBooks by revealing the books preview so that customers can quickly examine the content. This will help in making a better decision when purchasing a product.

The final step is the post-purchase evaluation. After an individual has purchased an eBook, he or she will evaluate the adequacy of the product (Teo & Yeong, 2003). The consumer will identify whether the acquisition of the specific book was the correct choice to make. In other words, if the book was sufficient, then it met the needs of the user. However, if the book fell short of the user’s expectation, then the consumer will repeat the whole buying process. If the book satisfied the consumer, then it advantageous to the marketer as the customer is likely to purchase another book in future. Another advantage of the post-purchase evaluation step to a marketer is that it enables the marketer forms a base of customer loyalty.

Once a consumer purchases more than one book from the same marketer, and then it is likely that the user will point out facts that will improve the effectiveness of the marketer strategies. Also, the consumer will help in advertising the marketer’s products during information search step. After post-purchase evaluation, a user gets to determine the best techniques to use when coming up with the best alternative in step three. In future, when purchasing another item it will be possible to make the right choices quickly.

People might find the buying process as a tiring process to follow, but in the real sense, it the best way to choose a product that will satisfy one’s needs. For a marketer, it is essential that he or she understands every step of the buying process so that one can formulate strategies that influence the purchasing decision of a consumer positively. Effective strategies will also attract more customers as well as improve customer loyalty. In short, the buying process is the best choice any consumer can take when choosing a product that will meet all needs and balance the present status with the preferred status.