<P> Nobel laureate Herbert A. Simon sees economic decision - making as a vain attempt to be rational . He claims (in 1947 and 1957) that if a complete analysis is to be done, a decision will be immensely complex . He also says that peoples' information processing ability is limited . The assumption of a perfectly rational economic actor is unrealistic . Consumers are influenced by emotional and nonrational considerations making attempts to be rational only partially successful . </P> <P> The stages of the buyer decision process were first introduced by John Dewey in 1910 . Later studies expanded upon Dewey's initial finding . Engel, Blackwell and Kollat in (1968). </P> <Ul> <Li> Problem / Need Recognition - Recognize what the problem or need is and identify the product or type of product which is required . Page text . </Li> <Li> Information Search - The consumer researches the product which would satisfy the recognized need . </Li> <Li> Evaluation of Alternatives - The consumer evaluates the searched alternatives . Generally, the information search reveals multiple products for the consumer to evaluate and understand which product would be appropriate . </Li> <Li> Purchase Decision - After the consumer has evaluated all the options and would be having the intention to buy any product, there could be now only two things which might just change the decision of the consumer of buying the product that is what the other peers of the consumer think of the product and any unforeseen circumstances . Unforeseen circumstances for example in this case could be financial losses which led to not buying of the product . </Li> <Li> Post Purchase Behavior - After the purchase the consumer may experience post purchase dissonance feeling that buying another product would have been better . addressing post purchase dissonance spreads good word for the product and increases the chance of frequent repurchase . </Li> </Ul> <Li> Problem / Need Recognition - Recognize what the problem or need is and identify the product or type of product which is required . Page text . </Li>

List and describe the five steps in consumer purchase process
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