THE APPLICATION OF DECISION RULES WHEN BUYING A MIDDLE-CLASS AUTOMOBILE
Savica Dimitrieska (),
Aleksandra Stankovska () and
Tanja Efremova ()
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Aleksandra Stankovska: European University – Republic of Macedonia, Skopje
Tanja Efremova: Advisor, Statistics Department, National Bank of the Republic of Macedonia
Economics and Management, 2017, vol. 13, issue 1, 181-190
The purpose of this paper is to explain the consumer decision making process from both, a theoretical and practical perspective. Theoretically, the consumer decision process refers to making a choice amongst various alternatives that address a problem, need or opportunity. The consumer decision process consists of several stages, such as: a) need / problem recognition, b) pre-purchase information search, c) evaluation of alternatives, d) purchase decision and e) post-purchase outcome and reactions. For this paper, the stage of evaluation of alternatives is especially important, where buying decision rules are elaborated in detail (compensatory and non-compensatory rules). Buying decision rules are procedures used by consumers to facilitate brand or other choices. Such rules reduce the burden of making complex decisions. From a practical perspective, this paper should help families who want to buy a family car, worth up to a maximum of 15,000 euros. Buying decision rules apply to products that are complex, multi-functional, and technical and are used by highly involved, relatively uninformed and inexperienced consumers. For the purpose of this paper, several interviews with families that are in a need of buying a car were made.
Keywords: consumers; consumer decision process; evaluation of alternatives; buying decision rules; compensatory and non-compensatory rules. (search for similar items in EconPapers)
JEL-codes: M30 M31 (search for similar items in EconPapers)
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