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learning journal BUS 2204 unit 5

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The course introduces techniques for effective financial decision-making and helping managers to maximize shareholders’ wealth. The course covers topics related to the operation of financial markets and banking systems and the problems of financing and investment decisions and provides a theoretical background for critical and productive thinking

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What are the steps in the consumer decision-making process?
According to Marketingtutor, The decision-making process for buyers is to decide their
necessities, assemble data, assess options, and afterward settle on a buy choice. Buyer conduct
can be dictated by monetary and mental factors and is affected by natural factors like social and
social qualities.

Customer decision-making conduct is a perplexing methodology and includes everything from
an acknowledgment of the issue to post-buy exercises. Each purchaser has various requirements
in their regular routines and it is these necessities that settle on various choices.

The consumer decision-making system has five steps, including:
1. Recognition Phase
2. Data Search Phase
3. Alternative Assessment Phase
4. Procurement Decision Phase
5. Post-purchase phase and evaluation.


1. Recognition Phase.
The first step in consumer decision-making is to recognize the need for a service or product.
Wanting recognition, whether or not it is requested internally or externally, leads to a similar
response: a wish. Once buyers recognize a wish, they need to collect data to know how they will
meet that wish.

2. Data searching phase.
While looking for their decisions, clients by and by concede inside and outer elements, for
example, past communications with an item or brand, every certain and negative. In the data
stage, they will peruse decisions at an actual area or counsel online assets, for example, Google
or client surveys.

Your occupation as a brand is to acquaint possible clients with the information they need, with
the expectation that they have chosen to purchase your item or administration. Produce a channel
and plan the sort of content individuals might like. Introduce themselves as a solid wellspring of
data and information.

3. Alternative evaluating phase.
Once the product that will meet the requirements has already been identified, a consumer will
begin to make comparisons between their choices and various alternatives. These alternatives
can be differentiated by low purchasing power, style, color, or additional functions. As a
marketer, you need to have the convincing skills necessary just to make a consumer recognize
the superiority of your products over these alternatives.

4. Purchasing decision phase
At this point, when all the desired facts and information are gathered, a decision is finally made
on which product to acquire and the market has done its job properly, consumers will likely
choose its brand, recognizing that its product is the best.

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Uploaded on
May 8, 2026
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2021/2022
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Stephen dimarco
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