Purchase Decision-Making Process

QUESTION
Briefly discuss a purchase you made within the last two months and explain whether you applied the limited problem-solving approach or extended problem solving approach in the process of making the decision to purchase and consume the product.
ANSWER
1. Introduction
This section presents a discussion of the purchase made. The aim of this section is to be aware of the persuasive tactics used by marketers on the purchase of a product. An intentionally made purchase was selected that showed high levels of the pre-purchase and purchase stages of the decision-making process. The purchase selected was a Canon EOS 400D digital SLR camera. The respondent (Appendix 1) was in need of a camera, however, was unsure of what type or kind of camera to purchase. This was the beginning of the Information Search stage of the purchase decision process for a camera. He found most of his information from catalogs and magazines showing the Print Mode of information sources nowadays. These enabled him to visit a few different retail outlets to check the different cameras that were being considered. He would have preferred to try the cameras in-store; however, this was limited because he did not come prepared in retail outlets and did not want to waste the time of the salesmen. The next day he went to access an internet connection where he proceeded to research online and evaluate the different types of cameras and computer-related devices. The respondent claimed that the internet was the best source of information for a relative in-depth evaluation of products without being too confusing. This is a great benefit of the internet as there is a high density of information for comparative analysis of brands and products. This is an improvement of Information Processing of information sources and has led to the relative effectiveness in quality of decisions for purchases of high involvement products. The respondent’s relative process was a very concise and somewhat effective method of deciding what to purchase. This shows high involvement with an emphasis on the EOS 400D being a relatively expensive product for a student. At the end of developing in the respondent’s mind, he located a notice in a paper to purchase the Canon EOS 400D for a significantly low price compared to retail stores. The purchase was then made. In this modern age of advertising and sales, consumer purchase is usually interrupted with a decision to purchase a product that is, in fact, different from what was decided in the earlier stages of the process. This is called the Discrepancy Purchase. Usually, this is due to a marketer’s success in positioning a product as a suitable brand for the customer’s needs. This could explain the respondent’s purchase, buying a different model Canon Camera than what was decided earlier after a day of examining a friend’s EOS 350D.
1.1. Briefly discuss the purchase made
I bought a Kawai MP5 keyboard from a local music store. This is a major purchase for me. I was considering the Kawai MP9000, which is the stage piano version of the same thing. The only difference between these two instruments is that the MP9000 is a piano, and the MP5 is a keyboard. The reason I considered the piano over the keyboard is that it’s better for taking to gigs since it’s more durable. I really wanted the piano, but had to change my mind when I thought about taking it to gigs and around the University over the next four years. I need a keyboard for the numerous jazz bands I’ll be playing in, and also for the workload I have as a music major. I know I made a good decision to purchase the MP5, but now I’d rather have the MP9000 for home use, and the only way to get one is to make a cumbersome trade since they’re discontinued. I’m hoping that after exploring the rest of the information, it will be possible for me to get an MP9000 given my $1500 budget for this purchase.
2. Problem-Solving Approaches
2.1. Limited problem-solving approach
2.1.1. Definition and characteristics
2.1.2. Factors influencing limited problem-solving approach
2.1.3. Application of limited problem-solving approach in the purchase
2.2. Extended problem-solving approach
2.2.1. Definition and characteristics
2.2.2. Factors influencing extended problem-solving approach
2.2.3. Application of extended problem-solving approach in the purchase
3. Comparison of Approaches
3.1. Similarities between limited and extended problem-solving approaches
3.2. Differences between limited and extended problem-solving approaches
4. Conclusion
4.1. Summary of the purchase decision-making process
4.2. Evaluation of the chosen problem-solving approach