Exploring Information Sources in Consumer Purchase Decision-Making: An Empirical Analysis in the Slovak Market

Research background: Understanding consumer behavior and the sources of information individuals utilize before making purchase decisions is crucial for businesses to develop effective marketing strategies. Purpose of the article: This article is dedicated to a comprehensive exploration of the diverse sources of information that Slovak consumers rely upon when making purchase decisions. By shedding light on this aspect, businesses can refine their marketing tactics for better alignment with consumer preferences. Methods: To achieve a robust understanding of this phenomenon, the research draws upon a representative sample of 1000 participants. Data collection was carried out through a well-structured survey, ensuring a reliable and comprehensive dataset. Findings & Value added: The findings reveal that personal recommendations and online reviews were the most influential sources, highlighting the significance of social connections and collective opinions. Additionally, company websites and social media platforms emerged as important digital sources. The study also identified the influence of demographics, with younger participants and those with higher educational levels exhibiting distinct information-seeking behaviors. Based on these findings, practical recommendations for businesses in the Slovak market include harnessing the power of personal recommendations, optimizing their digital presence, and tailoring marketing strategies to demographic preferences. By understanding and leveraging these insights, businesses can effectively engage with Slovak consumers, build trust, and enhance their competitiveness in the marketplace. In conclusion, this study's contribution lies in its illumination of the intricate web of information sources that influence Slovak consumers' purchase decisions. By capitalizing on these insights, businesses can bolster their engagement with consumers, cultivate trust, and fortify their competitive stance in the dynamic marketplace.