SELECTING THE BEST PRODUCT

In recognizing a potential market we screened the propose solution based on viability,

profitability and customer requirements. We were able to identify the logical steps or process in
Market positioning. Market positioning is the place the product could have in the consumers
mind relative to competing product. By this in view we could start selecting the best product or
service that will meet the market need.
However, how could we know the best product or service that could satisfy our customers? In
other words, what is the right product for the right market? Shall we just guess for the target
market we now have in mind?
Product Positioning is for the market to know us, who we are, what we sell, etc. Nevertheless,
before selecting the best product or service to satisfy the customers, we also need them first. We
need to know our market. In understanding our market, we need to analyze the forces that
compete in the arena of business environment. It is also important to know the forces that
compel the consumers to buy a certain product. In lieu of this, it is then vital to know their
buying habit or buying behaviour.
Determining the position provides a competitive advantage. Moreover, in this particular segment
of market we need to identify and become familiar with the buying behavior of the consumers
we are going to serve. Upon knowing the market segment that we are going to serve, we can
now start designing the product that will satisfy the consumers in the target market segment. On
the other hand, before designing and manufacture the product we also need to know the pattern
or the buying behaviour of consumers.
CONSUMER BUYING BEHAVIOR
It is not easy to determine the consumer’s buying behavior. Here are some relevant questions
that we need to determine:
1. What are their tastes and preferences?
2. What make these consumers choose or buy your product? And at the opposite not to buy your
product?
3. What are the factors that encourages or influence them to buy?
ENVIRONMENTAL FACTORS
To understand the consumer behavior we need to study the individuals, groups, or organizations
and the processes they use to select, secure, and dispose products, services, experiences, or
ideas to satisfy needs and the impacts that these processes have on the consumer and society.
This assesses influences on the consumer from groups such as family, friends, reference groups,
and the society in general. Consumer behavior is being influenced by the many factors around
them and we call these influences as environmental factors.
1.Cultural Factor Different ethnic groups in the Philippines have a different ethnic culture. The
perceptions, attitudes, value system, and even their religion affect their buying behavior.
Ex. Ilocanos preferred to buy simple products, but the Pampangueneos likes to buy expensive
ones.
2.Social Factor This is characterized by the social class where the consumers belong. Each
category of social class has a different pattern of buying behaviour. The wealthy and elite
consumers buy expensive goods, live in luxurious homes, ride in a highend cars and send their
children to exclusive schools. The lower class, on the other hand is only capable of purchasing
the cheapest goods in the market.
3.Personal Factor This refers to the personal characteristics of the consumers in terms of age,
occupation, income, and life style.
As a person grows he/she experiences changes in taste, perception, preferences, interest, and
hobby.
The type of occupation also influences their buying behavior. The income and life styles likewise
affect their buying behaviour.
4.Psychological Factor It pertains to the perceptions , beliefs, and attitudes of the consumers.
Hence consumers may have different perceptions, beliefs and attitude toward the same stimuli ,
and it is attributed to their specific experience to a particular product.
BUYING DECISION PROCESS
The entrepreneur must also properly evaluate the buying decision process of the consumer.
Some consumers may undergo the complete decision-making process, while others may buy
immediately the product without passing through the buying decision process. This usually
happens when the consumer has an impulsive buying behavior.
The buying decision process may involve the following:
1. Recognition of their needs and wants
2. Search for relevant information about the product
3. Evaluation of alternatives
4. Purchase decision
5. Post purchase analysis
Recognition of the consumers need and wants
Everybody buys because of his or her needs and wants. We must recognize their needs. Buying
water or soda happens because he/she feels thirsty. They buy food because they are hungry.
Therefore, the entrepreneur must clearly determine whether the buying decision of the
consumer is stimulated by their needs or wants.
Search for relevant information about the product
After recognizing the need to buy, consumers usually try to gather enough information about the
product before buying it. This relevant information gathering usually happens when the product
is not an ordinary household commodity. Sources might be from commercial publications, such
as advertising catalogues, television and radio commercials, and now a day through the internet.
Evaluation of Alternatives
Once the desired information is already available to the consumers, they can make the
necessary evaluation of various alternatives and make an intelligent comparison of the different
brands existing in the market. Here are some of the consumer’s considerations of the significant
areas of the product:
1. Price
2. Quality and durability
3. Brand, color, and design
4. Terms and conditions
5. Required payments
6. Amount of credit

PURCHASE DECISION
This is a stage where the consumer actually buys the product. It may be his sole decision to buy
a particular brand of product or can be attributed to the influence of outside factor. At this stage,
the entrepreneur must clearly define how the buyers formulate their purchase decision in order
to prepare the proper marketing approaches to influence their final decision.
POST PURCHASE ANALYSIS
It is the last stage in buying decision process when the buyer makes a simple analysis at the
back of his/her mind whether his expectation has been met or not.
Before the consumer buys the product, he/she has already set the expectations on the probable
benefits or value that she may derive from the product. The bundle of expectations usually
arises at the time of gathering the desired information about the product.
The consumer usually compares the actual benefits or value received against the expectations.
The extremes of the post purchase analysis are the levels of being highly satisfied or being
poorly satisfied. He is highly satisfied when the features of the product surpass his expectations.
He is poorly satisfied when the expectations did not meet even a half of the features he is
expecting.
The entrepreneur at this stage must gather enough information about the level of satisfaction of
the consumers as manifested by the fast or slow sale of the product.