To buy or not to buy, that is the question whenever and wherever we see all these beautiful and tempting stuff on store and online and acting impulsively or rationally when deciding our next best home buy. Following is an elaborate explanation of the buying process and our piece of advice on what’s a must following the budget constraints.
The Buying Process
A buying process is the sequence of steps that a consumer will take to make a purchasing decision. If we consider a standard model for the consumer purchasing decision, let’s say for best home buys, we will be looking at five main steps that sum up the process. These are:
- The Recognition of Needs and Wants: Usually, A rational act of buying is accompanied by a particular need or want, and in either case, there is a problem that needs to be solved, and a purchase act would be the perfect solution. In the case of Impulsive buying, the process begins with an emotional trigger. The customer usually has this feeling of needing to buy without any planning in advance. To be exact, given both rational and impulsive buying acts, whenever a purchasing decision is made, then it is part of a buying process. So you feel like the sofa in your sitting room is old and is not giving you the comfort you are seeking. There is a need to change it, and there is a list of things you would be looking for in a new sofa for your sitting room. You need the information to find what you want and feel good about.
- Information Search: Now, as you have identified your needs, for example, “a comfy sofa” you will need to know where to go and where to look. You will have criteria in mind such as price, loyalty to a particular brand, and on-site or online, to mention a few. To make the best home buy, you will need to do the effort of searching and identifying information sources and then evaluating your decision accordingly. Usually, customers rely on print, online media, visuals, or word of mouth for obtaining reliable information.
- Evaluation of available Choices: As you have found what you are looking for, a perfect warm color sofa with hygiene options, and let’s say an easy-to-wash cushion, you will start to compare it with another, let’s assume one that is still looking good but more affordable. At this stage, you will be evaluating your choices and deciding according to which is to deliver the benefits you are seeking.
- The act of Purchase: At this stage, you will be making a purchasing decision, and any shop or business must make sure to retain their customers because it is here that the consumer should be satisfied or dissatisfied! Customer satisfaction will affect the decision process for any purchases made from a particular shop in the future. If your customer is satisfied, this will result in brand loyalty. Later, he or she might skip Information search and Evaluation of available choices steps because they will often know where to go when they want to make similar buys. Now, this should take us to the next and final stage of the buying process.
- The Post Purchase Evaluation: Customers frequently give positive or negative feedback about a particular product based on whether they are satisfied or dissatisfied. The feedback usually is done through website reviews, social media networks, or word of mouth. Businesses should always be cautious in creating a positive post-purchase experience to engage customers and make the process as successful as possible. If the sofa is comfy, affordable, and the customer loves it in the house, they will share their experience, and this will count for all.
How to Rationally Buy
Necessity is the test we can refer to when it comes to our buying. The product’s characteristics are its most valuable asset because you want to know if it will solve a particular problem. Shops are full of options and varieties, so the best thing to do before buying is to ask yourself for the real reason you are buying a product. If this is the perfect solution for a problem, or if you are encouraging local produce, or maybe you are buying someone a gift that won’t harm your budget, then this is the right thing to do. These are all good reasons for a rational purchase.
Adam Smith, the philosopher, is widely regarded as the father of the rational choice theory. He argued that it is critical to understand that rational choice implies that individuals rely on rational calculations to make rational choices, which will result in outcomes that are in their best interests. It is of great importance to understand your buying behavior and make decisions that provide you with the greatest amount of benefit.
People would take actions that benefit them rather than actions that could harm them. Usually, people are emotional and easily distracted, therefore their behavior may not always follow the predictions of economic models—still, the consumer needs to understand the bottom line of their purchasing behavior to be a responsible person. When it comes to best home buy, do the Necessity test and think of yourself as a great rational person.
To Buy or Not to Buy
Here are a set of simple questions you can ask yourself when it comes to best home buy advice:
- Do I own the house as an asset and need to prioritize its sustainability?
- Did I pursue a good amount of research to be certain I was offered the right price for the product I am to buy?
- Does the product meet my values concerning environment and energy consumption?
- Do I, or any person living in my house, have a health condition that should be a priority in the product’s specs?
- Is your choice based on self-interests that will provide you with the greatest benefit, or in other words: “costs and rewards” criteria?
I would love it if we weigh our options and make our choices based on what we believe will serve us best because this indicates we act as responsible citizens.
All the products we will be providing you fit into our belief in the optimal rationality criteria, but it remains that you have to carefully think of your priorities and your financial capabilities, as well.