Customer Decision Making Process

Magazine Purchase Decision-Making Process

Demographics

Gender Male Rough Income level High

Age 32

Marital Status Divorced

In relaying the value proposition of a product it is crucial that we formulate a perspective on consumer's motivation and influences when buying a product. A consumer's decision to purchase a certain magazine could be purely impulsive at times and cognitive on other occasions. This interview gives us an insightful glance into how a decision evolves and how it is affected by different influences.

LIFE

The interviewee, a 32 year old Financial Risk Manager, generally reads magazines to stay abreast with current industry trends and enjoys reading about sports and home improvement. Not an avid reader, he generally sticks to magazines that specifically add value to his professional development or cater to subjects that interest him. He finds himself scanning magazines mostly while browsing bookstores or in queue at the grocery store or while unwinding with a cup of coffee. He occasionally buys magazines such as Reader's Digest, TIME or Newsweek - if "something catches his eye". He sometimes reads online editions of magazines at his office. His subscriptions include Business Week and Sports Illustrated and recently Risk Professionals (around five months back).

Problem Recognition - When his portfolio at work changed to Credit Risk Modeling, he recognized the need for a periodical to stay current with the " Risk Community " and emerging methodologies in Risk Analysis, Valuation of assets etc.

SEARCH

Information Search - As a Risk Manager, his primary lookout was for a magazine that catered specially to Risk Management Professionals. He was in search of a magazine that would expand his understanding of subjects relevant to his industry and thus evolve his professional expertise. Specifically, magazine that covered in-depth analysis of an industry or a company and featured specific subjects such as Governance risks and Model risks.

Alternatives - The value of the content was significant for the interviewee. This led him to spend a good amount of time researching and evaluating various magazines. In his quest he evaluated magazines such as Bloomberg, WSJ, Barrons etc. These magazines contained newsletters and articles on events and were primarily for general readers and investors.

External Influence - He was aware of the "Risk Professionals" magazine and became more interested after favorable reviews from a colleague. Having learnt more about the magazine after joining the GARP group (publishers of the "Risk Professionals" magazine), he bought two issues of