Business Finance Homework Help

Considering the steps in the consumer buying process, describe how you used this process to select a product that required extended problem solving. If you have not gone through this process recently, select a product category that would require extended problem solving and answer the questions as if you were going through the buying process.

– At the start of your discussion, note whether you actually went through this process or if you are providing a hypothetical example.

– What was the product category and type of product you were selecting?

– How much time did you invest in this purchase decision?

– Provide details on how you navigated the steps in the decision process:

• Need recognition—What made you realize that you needed this product?
• Information search—What information did you collect about the product category and product options? Where did you get this information?
• Evaluation of alternatives— How many options did you consider? What were the characteristics on which you compared the various product options? Did you follow a specific process when evaluating alternative (e.g., compare the strengths and weaknesses of various alternatives or weighing specific attributes higher than others)?
• Choosing a product—When you were deciding, what objective and subjective criteria did you use in the alternative evaluation portion of the consumer buying process? What were the key factors influencing the final choice and what was the final choice?
• Choosing a retailer—describe the steps that you went through to decide what retailers to consider for this purchase. Specifically, answer the questions stated above for information search, evaluation of alternatives, and choosing a product but as they relate to choosing the retailer where you purchased the product.
• Post-choice evaluation—How satisfied are you with your choice of product and retailer? Would you recommend the product and retailer to a friend?