The seven elements to every purchase

Whenever you make a purchase, your decision will be based on seven elements. This is an important discovery, as these elements are the same irrespective of the nature of the transaction or its size. As a result, they provide a behavioural framework from which to model a purchasing decision.

Each of the seven elements is dependent on two factors. The first is how a buyer views the purchase category. So, for example, how they perceive buying a car. The second is how they perceive the specific purchase. So, for example, how they perceive buying a Tesla.

The factors are entwined. However, it is essential to remember that a business can only truly control the second, which may lead it to miss the strengths and weaknesses of the purchase category as a whole.

To fully understand each element, data can be collated to measure each of the following.

The seven elements

1. Exposure

   Whenever someone makes a purchase, at the top of their mind will be whether they’ve heard of the company before.

2. Age

   This relates to how well-established the product and business is.

3. Value

   This is a value judgement about a purchase’s benefits, which is related to monetary value, but not the same.

4. Brand equity

   This is a conscious and subconscious assessment of the brand’s attributes.

5. Impulsivity

   There are many decisions that are made swiftly and without proper consideration.

6. Innovation

   This relates to how unique a purchase is perceived to be in respect to the competition and how much those differences are aligned with the needs of the market both now and in the future.

7. Loyalty

   A customer will need to make a judgement about how often they’ll need to use and subsequently make the purchase again.

This research includes

• 11 pages of analysis (2,700 words)

• The importance of behavioural modelling.

• Explanation of each purchasing factor.

• Their impact on eight marketing areas.

Any questions?