Decision Making Process in Statistical Data Analysis

Question: Discuss about the Decision Making Process in Statistical Data Analysis. Answer: Introduction: Consumers are individuals who are often targeted by marketers to promote their business. Consumers needs often vary depending on the quality of services offered to them, price, demography, and satisfaction. Due to the many demands from consumers, marketers often face a challenge of modifying their products to suit consumers demands (Christopher 2016). Most marketers' greatest desires are consistently geared towards learning the consumer minds. Marketers often want to learn or have knowledge of criteria that consumers often use in the decision-making process. The desire among marketers on an understanding of consumer decision-making process has globally attracted the attention of researcher within the marketing field to conduct research on consumer decision-making process (Oliver 2014). The researchers came up with different steps which were further merged into the following five steps. The five steps that are aimed towards consumer decision-making process include problem recognition, the search process, alternative evaluation process, and selection stage and decision evaluation stage (Kotler et al. 2015). Problem Recognition Problem recognition stage is a stage whereby the consumers often identify an issue that they need to solve or take action so as to end the point. Problem recognition steps recognize that during this juncture the consumers are often in demand for a product and are seeking for various open avenues in which they can find the products they need. Some consumers often result into doing window shopping's, searching for products they desire online, from magazines or even through consultation with friends aware of their needs. During this stage, more than three-quarters (3/4) of consumers usually feel uncomfortable until they solve the problem (Maine, Soh and Dos 2015). The marketer role during the problem recognition process is to determine specific geographical locations where their products are on demand then take advantage of the growing opportunity to advertise their products through different channels of the business marketing process Search process The search process is a situation whereby consumers who are in need of certain products that they feel will satisfy their needs takes an action of searching for the products. There are different methods that consumers can use to search for a product's. Example of a search process that can be used for locating a product is the digital method. The digital method of searching for products is an internet based process product search where the consumer uses the search optimization engine to find products they want (Brian 2015).The manual method, on the other hand, is the processes where consumers personally do research on the products they want by visiting various shops or by inquiring from their friends. The main advantage of a standard product is consumers can see the physical condition of the product they want to purchase thus making it easier for a consumer to make their decisions (Ferrell and Fraedrich 2015). Another advantage of manual search relies on inquiries from family and frie nds. Through investigations, consumers will be able to get better recommendations on locations where they can get their desired products. Evaluation alternatives An assessment option regularly occurs after a purchaser has identified the products he/she wishes to buy (Jrvstrand, Larsson and Sundstrm 2016). During an evaluation process, the consumers are usually in the search approach of the best product in the market. Consumer choice on best products is always influenced by several factors. Such factors include price, quantity and quality, mode of delivery if it's an online transaction and the customer service accorded to them. Customers are also associated with a tendency of reading reviews of the products from other clients who have purchased the product before. From the reviews; the customers will be able to compare prices, and quality of the service offered by a given organization then can purchase products they desire. For example; through an online review of a particular product, customers can come up with decisions on the best place to satisfy their customer needs. Selection process After adding up all the approaches for the decision made by customers, the customers is now able to decide on the product they wish to purchase and on the location of the product. The selection process requires clients to take risks of the products they want to buy. Another selection process requirement is that the consumers should be explicit on products they want to purchase. During the selection process, most of the clients usually have prior experience of the particular product thus making it easier for them to purchase their desired products quickly. Decision evaluation Decision evaluation is more often than not based on the consumers view on the products (Atkinson and Rosenthal 2014). For instance, the consumer often looks into issues like whether the purchased product satisfies customer needs, whether it is below or above customers expectations. This implies that the product manufacturers to use entrepreneurial tactics so as to attract more customers. The objective of most marketers is not often based on a one-time client but rather a full-time customer. Bad experiences on a company review may change consumer views of the product. Analyzing Whether the Consumer Decisions are Accurate Representations of Accurate Decision Making Decision-making processes are not just about influencing decision makers to solve their problems, but it is also concerned about transparency and accuracy. An appropriately made decision can help individuals improve on experts precision and the clarity of the important choices (Hogarth and Soyer 2015). A good decision-making process is determined by factors such as consistency, transparency, adaptability, improvement and accuracy (Shaik and Abdul-Kader 2014). The factors determining decision-making process are interrelated to each other. The accuracy of a decision pattern is influenced by transparency, consistency, adaptability and improvement or developments. Transparency, inaccurate decision-making process, is achieved when an observer or someone not involved in the decision process can readily recognize how an individual settled for a decision (Ho 2015). Attaining consistency in an accurate decision-making process directly implies that the person involved in a decision-making process can make similar choices given the same information. For instance, in marketing, a consumer consistency can be traced when consumers are unique to a given product despite the existence of other products related to the products. Accuracy in decision-making process requires development and improvements due to the modern changing technological times caused as a result of globalization (Kerzner 2013). A decision is declared accurate if it keeps on improving and not stagnant for an extended period. An accurate decision should be adaptable; this means that the decisions can be adjusted so as to fit into the required changing policies (Miller and Olshavsky 2016). The five steps of the consumer decision-making process can be linked to accuracy in the following ways; The first step of consumer decision, Problem recognition, is an accurate representation of actual decision making as problems identified are dependent on the situation, and therefore decisions are made depending on the situation at hand. During a problem recognition process, it is easy to attain transparency as clients are desperate and uncomfortable until they get solutions to their problems. The step can, therefore, be classified as an accurate representation for a reasonable decision making processing since transparency is part of the model that provides an accurate decision-making process. The second step of consumer decision-making process is the search process. The search process is reliant on adaptability and improvement. Adaptability and improvement in a search process are evident when a consumer uses a search engine to look for an individual product. The search engines like Google often provide information pertaining particular product from the current to past details (Yadav and Pavlou 2014). The third step of consumer decision-making process is the evaluation alternative. The assessment option is often concerned with a consumer looking for alternative information regarding a product and choosing from the best. The evaluation process may be accurate when the consumer uses the experience of their friends and family when they want to purchase a product. This is because friends are family are likely to refer people related to them to marketers who offered them the quality product. The reference from family and friends is a consistency approach as they can choose the same product over and over again. The fourth step of a consumer decision-making process is the selection process. The selection process is an adequate representation of consumer accurate decision making as the consumer has the freewill right to choose a product of interest. During the selection process, the consumer makes their choices based on the product price, customer service and the quality and quantity of the product in appropriate cases. Another reason why the selection process is perceived to be consumers accurate representation of actual decision making is that the consumer can select and buy a product depending on the price they have and on the quality he/she desires. The fifth process of consumer decision making step is the decision evaluation stage. During this stage, the consumer often evaluates a product based on the benefits or problems it has caused them (Blut, Beatty, Evanschitzky and Brock 2014). The decision evaluation step is an accurate representation of consumers decision making as the consumers give information depending on the product efficiency to them. Information obtained from consumers during the decision evaluation step is of much significance to the marketers as they able to use such information to improve the quality of their products which will, in turn, lead to an increasing product demand desire and improved status of the products earned income. The internet is often used as a search engine optimizer, evaluation alternative and selection process: The internet is the most common tool used by consumer to search for products and fulfill their consumer needs. Consumers use the internet in three ways, one way of using the internet is while searching for products they wish to purchase, and the second way is during evaluation alternatives when consumer tends to look for reviews from the internet before making decisions on whether or not to purchase the product. The third way is during a selection process where consumer uses the internet to look for best market product and as a tool aided towards helping them select the best product. Critique of the Example Used One advantage that the web marketing has over other marketing methods is its capacity of providing different options and review from clients which will determine whether a product should be purchased or not (Johnston Marshall 2016). The online evaluation process can either be accurate or inaccurate depending on the consumer evaluation approach. For example, during an evaluation process, especially if an evaluation is made online, the consumer may not find accurate details concerning the product. This is because some marketers never post an actual image of what they offer online. Most consumers have reported being surprised when online products are delivered to them as the products are always different from what they book online (Shapiro and Varian). The internet despite being a global mechanism that is aimed at uniting all consumers in the world may be difficult to access. For example; some parts of the world dont have good internet connectivity and therefore resulting into poor networking connections. Consumers in underdeveloped and developing countries are mostly pruned to internet connectivity network problems (Sweeney, J.C. and Soutar 2011). The internet may be an expensive search tool for consumers who may not be able to pay for the internet costs thereby making it difficult for some consumers to access relevant information via the internet. During the search and review of possible alternatives in the internet, consumers may fall victims and scams that are always found on the internet (Henderson 2014) .Some people often posting themselves as marketers in the internet are often not legit. They may con consumers into sending money so as to get the products delivered to them. Only for consumers to realize after sending money that they have been conned. Consumers are often advised not to send money on online purchase platforms before products are delivered to them. Consumer should also be careful about the information they leave on the computers especially when one is used to access information through the cyber. Over the years, the world has experienced a higher number of individuals opting to market their products online. This has promoted product marketing thus enabling consumers and marketers to easily link without so much hustles. Consumers are able to sort all their decision making processes on the internet without having to physically move from one place to another. The internet, despite the few challenges it has still proves to be the leading consumer step to decision making process. Conclusion Consumers' behavior varies depending on the market trends and the consumer needs. The accuracy of a consumer decision is influenced by transparency, consistency, adaptability and improvements made on the products. Marketers who are consistent and flexible in improving their product earn the trust of more consumers as compared to marketers who are stagnant in the same product delivery over an extended period. A consumer decision affects both the consumer and marketers. A safe and appropriate consumer decision will assist a consumer to get quality goods and in turn boost or promote a marketer's brand. While poor consumer decision making may affect a marketer brand even if it is of high quality due to consumer assumptions that may add a negative review to a marketer products. References Atkinson, L. and Rosenthal, S., 2014. Green sells Signaling: the influence of eco-label source, argument specificity, and product involvement on consumer trust. Journal of Advertising, 43(1), pp.33-45 Blut, M., Beatty, S.E., Evanschitzky, H., and Brock, C., 2014. 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