Application of Consumer Decision Making Process

Question: Discuss about theApplication of Consumer Decision Making Process. Answer: Product Overview Nike is an American multinational company is engaged in the development, design and manufacturing of the apparel, footwear and accessories (Nike.com, 2016). The brand is considered as one of the largest suppliers of apparel and athletic shoes. The company has revolutionized the design of its shoes and there have been stark changes in the features of the products. The company has recently introduced Air Zoom Yorker which has premium product quality (Nike.com, 2016). These cricket shoes are considered to be 30% lightweight than their competitors (Nike.com, 2016). The innovative products of the brand make it gain competitive advantage in the market. The Nike shoes have wide range of utility and there are different types of products offered by the companies. The company also engages in mergers and acquisitions that would be beneficial for the companys profitability (Nike.com, 2016). It also partners with the successful companies in order to offer innovative products to the consumers. For example, Nike partnered with Apple Inc. and produced Nike + product. These products do monitor the performance of the runners through the help of radio device. Discussion Application of the Consumer Decision Making Process The decision making process is a vital part when determining the purchase of a product (Lamb, Hair and McDaniel, 2011). I always go through the decision making stages when trying to buy the Nike Shoes. The first step in the decision making activity comprises of identification of need for a particular product (Dewan, Aggarwal Tanwar, 2014). I feel the need of comfortable shoes for fulfilling my requirements. In the second step, I perform extensive information search from internal as well as external information sources. I search the information from various sources including websites, brochures, media article, advertisements and others. In the third step, I evaluate all the available alternatives by using my market research skills. The fourth stage comprises of the actual purchase of the product, which is followed by the post-purchase evaluation (Park, Cho Rao, 2015). I have found that the Nike shoes are of good quality and comfortable to wear. This would also prevent me from purcha sing the shoes of competitors brand such as Adidas. Factors Influencing Decision Making Process The consumer decision making process is influenced by several factors such as cultural factors, social factors, psychological factors and individual factors. There may be coexistence of all these factors or the existence of a single factor which may impact the nature of decision making of an individual. Social factors- These factors include the opinions of the groups, family, life cycle, social class and subcultures (Solomon, Russell-Bennett Previte, 2012). All these entities and their attitudes impact the purchasing decision making of the individuals. Cultural factors- There are several underlying elements of culture such as language, customs, values, rituals and attitudes that shape affect the purchasing decision of the Nike shoes (Boachie-Mensah Boohene, 2012). I come from a culture where comfortable shoes are encouraged when engaging in sports activities. Individual factors- The individual factors are important for making purchase decisions (Sharma Lambert, 2013). My purchase decisions are affected by my gender, age, lifestyle, life cycle stages and others. For example, I would need to purchase more Nike shoes if my profession is sports or if I am a fitness freak. Psychological factors- My motivation, perception, learning and attitudes affect my decision to purchase Nike shoes. For example, I perceive Nike as a trusted brand in the sports apparel category and hence this would increase the purchase of the Nike shoes. Application of the Maslows Hierarchy of Needs The consumer decision making activity for the purchase of new product can be explained with the help of Maslows Hierarchy of Needs (Lee Hanna, 2015). The purchase of Nike shoes would correspond to the Esteem needs as described by the Maslow Hierarchy of Needs. The esteem needs underline the fact that the human beings have a tendency to feel respected as well as valued by others. The individuals crave for recognition, status, prestige, fame and attention of other people. The purchase of Nike shoes would fulfill these needs fully. The premium quality footwear brand is popular all over the world. If I purchase this product, then the people around me would start to give me attention and it would make me recognized in the society. It would give me status and value in the society as I will be the owner of a premium sports apparel brand. This would also increase my self-esteem and self-respect. References Boachie-Mensah, F. O., Boohene, R. 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