Consumer Buying Behaviour & New Product Development Essay

Consumer Buying Behaviour & New Product Development - Essay Example   Though it might be argued that the patterns and stages of consumer purchasing are somewhat universal, each individual consumer maintains different preferences in terms of pricing, quality, as well as the level of utility offered by specific products. The utility can best be defined as a measure of satisfaction that a consumer receives from possessing or consuming goods and services (Boyes & Melvin, 2005). As such, consumers tend to make choices that offer them maximum utility. However, in order for marketing entities to deliver the products demanded by consumers, in the pursuit of maximizing utility and satisfying corporate profitability expectations, marketers must consider the methods by which consumers adopt new products. Before a consumer makes the decision to purchase a new product, they must first recognize the opportunities or problems with a life situation which needs improvement or correction. This is the first stage in the buying decision process whereby the consumer desires to provide a change or a resolution to an issue. For example, the consumer may recognize a specific problem: There is currently not an adequate supply of food in their refrigerator or the supply of food is not sufficient to their current tastes. Once the consumer recognizes that a problem or opportunity for change exists, they set out to correct the issue. During the second stage in the decision-making process, the consumer gathers the information necessary to attain a desirable solution to their recognized problem. This can be provided in the form of internal assessments or searching external sources of information. For instance, the consumer may make a mental review of a previous, positive experience with a particular brand or type of food product.  Ã‚