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A consumers or buyers decision process can be categorized into high and low involvement purchases, where the difference is manifested in a number of factors. High involvement purchases mainly occur when a person buys something complex or at a high price. In rare cases, it is also attributed to acquisitions where the overall risk is also elevated in the case of failure. Low involvement purchases are primarily inexpensive, and they tend to come at a lower cost. For example, my latest high involvement purchase was buying a spacious fridge with additional features. I bought an extra-large capacity door refrigerator with a wide range of add-ons, such as a water dispenser, ice makers, humidity controller, and app notified if the door was left open. It cost me almost $3500, and there was a wide range of technical characteristics, which all needed some form of involvement and consideration.
There were numerous alternatives with a unique set of offers, which also required in-depth analysis and problem-solving. I had to weigh out the advantages of various models and make a comparison regarding the price. In addition, some sellers offered better warranties compared to others, and thus, I needed to make some Google searches to see the reviews. In the case of a low involvement purchase, I recently bought Pringles on my way home. This is also an example of impulse buying, which is promoted by the external market and internal psychological stimuli (Iyer et al., 2020). I remember that I was hungry and watched a YouTube video, where an ad showed the chips. Therefore, I bought it without a second thought, although I know it is generally unhealthy and non-nutritious. However, the ad was displayed at the right time and place, which facilitated my impulse buying.
Reference
Iyer, G. R., Blut, M., Xiao, S. H., & Grewal, D. (2020). Impulse buying: A meta-analytic review. Journal of the Academy of Marketing Science, 48, 384-404. Web.
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