Question

Identify and briefly explain how the purchase process (including purchase criteria) for security/surveillance products/services is likely to vary among consumer and business buyers

Answer 1

The buying process is different from regular customers and business customer purchasing products like security/surveillance . the consumer buying process starts with-

1.)    Need recognition:- consumer buying decision process starts with need recognition. In this step, the customer would find and define the need if they are needing security system for their home or not? why they are needing it and when they are needing it?

2.)    Information search:– in consumer buying decision process information search comes at second number. In this stage consumer searches the information about the product either from family, friends, neighborhood, advertisements, whole seller, retailers, dealers, or by examining or using the product.

3.)    Evaluation of alternatives:– after getting the required knowledge about the product the consumer evaluate the various alternatives on the basis of it’s want satisfying power, quality and it’s features. the consumer would find the different brands of system, pricing factor, after service factor to evaluate the product.

4.)    Purchase decision:– after evaluating the alternatives the buyer buys the suitable product. But there are also the chances to postpone the purchase decision due to some reasons. In that case the marketer must try to find out the reasons and try to remove them either by providing sufficient information to the consumers or by giving them guarantee regarding the product to the consumer.

5.)    Post purchase behavior:– after buying the product consumer will either be satisfied or dissatisfied. If the consumer is not satisfied in that case he will be disappointed otherwise If he is satisfied than he will be delighted. if system is easy to use and covering all the security aspects for which it was purchased then customer would be satisfied and added features in the system would delight him.

now , the business buyers has different approach of steps for the same products because customer purchase the system for personal use in less quanitity like 3 to 4 cameras but business buyers purchases in bulk which requires same or different steps in this type of purchasing.

the steps could be same but time consuming-

Awareness and Recognition

The process begins when a company identifies a need for a purchase. If it has existing system which needs replacement or need new security system for monitoring the work of employees or making sure that employees safety are guaranteed etc kind of need.

Specification and Research

When the buying team has agreed requirements, it prepares a detailed specification that sets out quantities, performance and technical requirements for a product. Your sales team can support this stage by advising the buying team on best practice or collaborating with the buying team to develop the specification. Buying teams then use the specification to search for potential suppliers. They may search the internet to find products or companies that provide a match to their specification, so it is important that your website features keywords that match your customers’ product or service needs.

Request for Proposals

When the buying team has identified potential suppliers, it asks for detailed proposals from the suppliers. The team may issue a formal document known as a request for proposal, or it may outline requirements and invite potential suppliers to make a presentation or submit a quotation. If the product or service has a precise specification, the buying team may simply ask for price quotations. If the product is more complex, it may ask for proposals on how a supplier would meet the need.

Evaluation of Proposals

The buying team evaluates suppliers’ proposals against criteria such as price, performance and value for money. As well as evaluating the product, they assess the supplier on factors such as corporate reputation, financial stability, technical reputation and reliability. You can influence decisions at this stage by providing company information, case studies and independent reports that review your company and products.

Order and Review Process

Before the buying team places an order with the chosen supplier, they negotiate price, discount, finance arrangements and payment terms, as well as confirming delivery dates and any other contractual matters. When the order is complete and delivered, the buying team may add a further stage by reviewing the performance of the product and the supplier. This stage may include imposition of penalty charges if the product fails to meet the agreed specification.

so, this is how the buying process of regular customer and business customer differs.