Holiday Decision Making

Name Luong Thanh Long Class FB3A CONSUMER BEHAVIOR AND pass I- Holiday finis- fashioning is different from the traditional business-solving model of consumer decision-making 1) The traditional problem-solving model of consumer decision-making * Behind the visible act of making a purchase lies a decision procedure that must be askd. * The purchase decision process is the stages a buyer passes through in making choices about which products and services to buy. * Five Stages of Consumer behaviour A. trouble Recognition Perceiving a Need Perceiving a difference between a persons ideal and actual situations tolerant enough to trigger a decision. * Can be as simple as noticing an empty draw carton or it can be activated by marketing efforts. B. Information Search pursuit Value Two steps of info anticipate Internal search External search * examine onenesss memory to recall previous experiences with products or brands. * Often sufficient for frequently purchased products. * Whe n yesteryear experience or knowledge is insufficient * The risk of making a wrong purchase decision is high * The cost of gathering information is low. * Personal sources, much(prenominal) as friends and family. * Public sources, including various product-rating organizations such as Consumer Reports. * Marketer-dominated sources, such as advertising, company websites, and salespeople C. Alternative Evaluation Assessing Value * The information search clarifies the problem for the consumer by (1) Suggesting criteria to use for the purchase. (2) Yielding brand names that business leader meet the criteria. (3) Developing consumer value perception. * A consumers evaluative criteria represent both The objective attributes of a brand (such as locate speed on a portable CD player) * The subjective factors (such as prestige). * These criteria establish a consumers evoked set * The assort of brands that a consumer would consider acceptable from among all the brands in the product class o f which he or she is aw ar. D. leveraging Decision Buying Value Three possibilities From whom to buy When to buy Do not buy which depends on such considerations * Terms of sale * Past experience buying from the seller * Return policy. which can be influenced by * Store atmosphere * Time pressure * a sale * Pleasantness of the shopping experience. E. Postpurchase Behavior Value in Consumption or Use * After buying a product, the consumer compares it with expectations and is either live up to or dissatisfied. * Satisfaction or dissatisfaction affects * Consumer value perceptions * Consumer communication theory * Repeat-purchase behavior. * Many firms work to produce positive postpurchase communications among consumers and contribute to relationship building between sellers and buyers. Cognitive Dissonance The feelings of postpurchase psychological tension or disturbance a consumer ofttimes experiences * Firms often use ads or follow-up calls from salespeople in this postpurchase stage to try to entice buyers that they made the right decision. In short, in the traditional problem-solving model of consumer decision-making, people tend to consider and investigate all the needs and desires of a product carefully through a range of steps. There are both internal and external factors affect on the decision-making of consumer. ) Holiday decision-making, as described in the type * The genetic decision about whether or not to go on spend was not forever the starting point and sometimes this genetic decision was irrelevant. * People have a limited capability for analysis, and this leads them to break down composite plant decisions into hierarchical processes and take into consideration a small number of deprecative variables at each level to make the decision-making process more manageable. * When confronted by a complex problem, the human brain satisfies more than it optimises, explains Nicolau.In this situation, the individual will try to choose an option t hat is sufficiently satisfying, regardless of whether or not it is the best choice. 2 * Final decision and bookings are often made very late. * Informants often expressed post-decision regret, which people strove to reduce. * Searching for holiday information tends to be abnormal by external factors. II- Compare the information search process, as it is described here, with the search process that consumers might follow for one other product categoryHoliday information search process Consumer search process for one product * Information collection for a holiday tends to be stopped when the holiday has been booked * Real information are collected during the holiday * Consumer will get more conflicted witting of information. * People do not prepare their trip in much detail. In contrast, they want to larn unexpected things. * Incidental learning seems to play a bigger role than internal learning. * For only one product, consumer will take more time to collect information of a produc t and analysis in more details and intensive from lots of sources. * Information collection lasts till they ensure that this information is train and they can make a comparison with other products. * Consumer tries to avoid unexpected situation. * Information search information tends to be stimulus-based (external) III- The implications of the findings for managers marketing and promoting holidays 4P principle plays important role in the managers marketing.Holidaymaker should make a holiday that meets the needs of customer. If we dont provide a holiday special or offer that helps them with those goals, we are doing them and your business a grave disservice. We also need to survey clients and customers from the current year to see how they can improve in the future. Think about how your channels work together and which channels reach your target customer. Offer a free gift or holiday discount to customers who take the time to complete your survey and do not forget to keep contact wi th your customer. Customer surplus is a very important subject field in Marketing mix.Only the marginal consumer is willing to hire just the market price in typical supply and take away equilibrium. The consumers would be willing to pay more than the market price is what makes the demand curve slope downward. The amount that these consumers would be willing to pay, but do not have to pay is known as the consumer surplus. 1 . 2 The magazine Tourism Management, Juan Luis Nicolau and Francisco Mas analysed data from 2,491 people gathered by the CIS http//www-rohan. sdsu. edu/renglish/370/notes/chapt05/