Buying Situation:
It is considered as the paradigm of purchase which is measured through the quality of information and the amount of experience that the buyer exhibits related to the products and vendors available to in the markets.
Moreover, it highlights the level of efforts that are being opted to make the purchase for the business. It is essential to focus on ‘buying situation’ since buyers are encountered with multiple scenarios even if it’s a regular purchase. The buying situation is very useful and requires market-awareness.
There are three major buying situations mentioned down below.
1 – Straight Rebuy:
The straight rebuy is considered as one of the most reliable and convenient buying situation which engages us in making the routine purchase for the business. It’s done through a familiar supplier and no certain modifications are required at the time of ordering the products.
Example:
Straight rebuy can be easily encountered at the stationary shops, a place where boxes of printing papers, pens and pencils are purchased repeatedly without making any amendments in the order.
2 – Modified Rebuy:
The modified rebuy is considered as a different buying situation in which the buyer drifts towards a new and improved product to fulfill the rapidly changing requirements.
Therefore, purchasers use the trial purchase option in order to evaluate if the new product is worth the time and efforts. This buying situation is also known as ‘Limited Problem Solving’, which might slightly change the customer’s perception towards something unique.
Example:
The modified rebuy is experienced when there are various products that share the same objective in the markets. Furthermore, it targets the choice criteria by focusing on the extra perks which we might get after purchasing a new product even though we’ve used other brands in the stores as well.
3 – New Task:
The new task highlights another buying situation in which we’re given the liberty to purchase a new product. In this scenario, the buyer is not aware of the product’s effectiveness. However, certain aspects such as the importance of the product and its overall cost are highly considered before making the purchase. Such buying situation includes a list of products that we have never or rarely purchase from the markets.
Example:
Organizations often purchase super-computers, buildings and high-voltage generators that often require months to be delivered at the desired location. Therefore, experiencing such a time-consuming purchase cycle can be marked as the ‘new task situation’.