This study paper considers two sections with the first section indicating the recent purchase that I made of one of the high-involvement products. In this case, I followed the decision-making process before buying the product. According to the University of Minnesota Press (2015), some processes include need recognition and searching for more product information. In addition, the other processes include evaluating the products, choosing the product and purchasing, post-purchase use of the product and evaluating the product, and lastly, disposing of the product. Therefore, this section describes how the decision to buy the high-involvement product arrived.
The first step we need to understand is the need for recognition. According to the University of Minnesota Press (2015), the buyer identifies a need to be satisfied. One way to identify the need is by identifying a gap in the line of needs. For instance, to identify the need for the high involvement product, I first needed to identify the gap that needed to be filled. However, marketers, there are several ways that they assist in recognizing the product. For instance, some ways include promotions and discounts, google searches, and advertisements that create awareness.
On the other hand, the second step is searching for more information about the product that is to be bought. Some of the information to be gathered include the alternatives that the product has either as substitutes or complementary products. According to the University of Minnesota Press (2015), one might get the information from other stores or online stores like amazon.com, among others. Therefore, the retailers and other manufacturers were beneficial in providing the information. Some of the ways they were helpful are through their website where information about the high-involvement product and its descriptions are provided.
The third step is product evaluation. According to the University of Minnesota Press (2015), thousands of products might be available for consumers. In this case, the providers and the marketing professional can provide several different products that offer the same services to the consumer. According to the University of Minnesota Press (2015), buying a high-involvement product might require evaluating a product based on preferences. However, some ways that the manufacturer or dealers might help include offering discounts and guarantees of getting the money back in cases of spoilage.
In addition, the other step is choosing the product and purchasing it. In this case, the customer might buy the product after recognizing the need and evaluating the product. For this reason, according to the University of Minnesota Press (2015), one might understand the procedure to follow, like how and where to buy the product. For the case of the high involvement product, the manufacturers and other dealers might offer promotions and discounts and provide descriptions for the products as they answer some of the customers’ questions about the product. Some of the questions might be based on the performance of the products.
The other step is the product’s post-purchase use and evaluation. In other words, every customer feels doubt or remorse after buying the product. According to the University of Minnesota Press (2015), most sellers might find it a problem especially when the customers feel this way. Likewise, the manufacturers and the dealers could help by extending customer services and warranties and offering other services as product support, among others. Therefore, these actions can help the customer understand the performance of the products.
The last step is the disposal of the product. When disposing of the product, the user or manufacturer must follow the proper procedure. In this case, some products might have materials that affect the environment. According to the University of Minnesota Press (2015), some companies are creating less corrosive products as the customers are less associated with the erosion of the environment. For this reason, the manufacturer might help the customers by buying the old products, renovating them, and selling them as pre-owned products or disposing of them correctly.
There are different ways the buyer can assess the conditions of the market. For instance, one can use micro and macro marketplace factors that affect the business. In this case, macroenvironmental factors include demographic, economic, cultural, technological, natural, and political trends. This part of the study paper focuses on the factors that impact the sales or the purchase of different forms or types of cars. In this case, we relate the car purchase to the above environmental trends or factors.
The first trend to discuss is the demographic trend. These include factors and characteristics that define people’s attitudes. According to the University of Minnesota Press (2015), some features related to demographic trends include income, marital status, age, education, and occupation of the people, among others. When a customer buys a car, there are some characteristics they might consider. For instance, their income level should dictate the car they buy. In this case, if an individual has a significant income, they can buy the car of their preference.
On the other hand, the other trend is the economic trend. In this case, the customer has to consider factors like unemployment, inflation, interest rates, and economic growth, like the recession periods. Thus, considering some of the economic factors, it might dictate the price of the products that the customers need to buy. When considering buying a car, these concepts should be a priority. For instance, the case of inflation means that the cost of living is high and thus ends the purchasing power of the customers. In addition, the prices of goods and services are higher; therefore, this is not an appropriate time to buy a car.
Likewise, the other trend is cultural news. It is crucial to buy products that relate to society’s culture. In other words, according to the University of Minnesota Press (2015), the product should relate to the common interests, religion, jobs, ethnic background, and geographic location of the buyer or the customer. In the case of buying the car, the consumer should ensure that the car can be bought using the income that the buyers are earning through their jobs. Thus, people should only buy cars they can manage.
The other trend is a technological trend. According to the University of Minnesota Press (2015), this factor is essential in ensuring that people get the information that they need to gather about a product. For this reason, the core function of technology is to ensure that some of the issues in the community are solved. For instance, when buying a car, some of the information might not be clear to the buyer; hence, they can use the platform to ensure they gather information. Some of the reasons that make the customers find such information is the safety and security of the products they buy from different manufacturers and suppliers or dealers.
In addition to the above, there is another trend that one can consider: natural issues in the community. According to the University of Minnesota Press (2015), natural disasters may occur at any moment and hence might create distractions to the livelihood of individuals across the community. Therefore, the customer should consider some factors to ensure that the products they buy are not damaged by the disasters hence losing their funds. In the case of the car, one should consider some of these factors and hence make them a priority before buying the product to ensure they do not suffer loss.
The last factor to consider is the political trends. One way that businesses are conducted and governed is through legal processes. For this reason, the government ensures that they create laws and regulations that govern businesses. In most cases, some of the government’s regulations are to protect the consumers from some of the businesses. According to the University of Minnesota Press (2015), some other laws affect banks, consumers, and businesses lending. When considering cars, some of the laws favor the production of cars, especially those produced within the state. Therefore, the cars they will buy are those produced in the state.
References
The University of Minnesota Press. (2015). Principles of Marketing.
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