ECONOMICS

Detailed explanation-1: -The consumer decision-making process involves five basic steps. This is the process by which consumers evaluate making a purchasing decision. The 5 steps are problem recognition, information search, alternatives evaluation, purchase decision and post-purchase evaluation.

Detailed explanation-2: -Heuristics are mental shortcuts or rules of thumb people use to make decisions. When market research observes heuristics, it offers insights into how consumers experience a product or service and how to increase the value in their minds.

Detailed explanation-3: -What are the three types of consumer decision-making? The three types of decision-making are nominal, limited, and extended. These types of decision-making have different levels of purchase involvement.

Detailed explanation-4: -The various models of consumers (economic view, passive view, cognitive view, and emotional view) depict consumers and their decision-making processes in distinctly different ways.