Business Lecture 4 - Buyer Behaviour

Buyer Behaviour Process

• need recognition
• search
• pre-purchase evaluation
• purchase
• consumption
• post-purchase evaluation 

The last step is what the consumer felt about their experience as a whole, whether it was good or bad this step is the most important as this is what determines whether the consumer will want to buy the product again.

Maslow's Hierarchy of Needs

We then looked at wealth and the 80:20 rule also called Pareto

this means that 80% of people only own 20% of the wealth 

and 20% of people own 80% of the wealth 

this can be demonstrated by this diagram of who owns who in big companies.

We also looked at the deciding factors when a consumer buys a product. These are;

• memory
• aesthetics
• emotion
• genetics
• logic
• range of choice
• attitude to risk
• nature of problem
• legal issues
• religion
• others views
• financial issues

so when designing products we must think about the buyer's deciding factors of purchasing.