ECONOMICS

Detailed explanation-1: -1. Problem recognition. The first step of the consumer decision-making process is recognizing the need for a service or product.

Detailed explanation-2: -Situational Factors: These factors include the lifestyle of a consumer, use of the product or service, and the occasion for making the purchase. Personal Factors: These factors include the age of a consumer, location, and purchasing power.

Detailed explanation-3: -Evaluation of alternatives (consideration): This is the stage when a customer is comparing options to make the best choice. Purchasing decision (conversion): During this stage, buying behaviour turns into action – it’s time for the consumer to buy.

Detailed explanation-4: -The buyer decision process consists of five stages: need recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior. The first stage of the buyer decision process, in which the consumer recognizes a problem or need.