ECONOMICS

Detailed explanation-1: -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: -The evaluation of alternatives often involves consumers drawing on their evoke, inept, and insert sets to help them in the decision making process. The brands and products that consumers compare-their evoked set – represent the alternatives being considered by consumers during the problem-solving process.

Detailed explanation-3: -the stage in the buying decision process in which the buyer uses information gathered to make a final choice between the products in the evoked set.

Detailed explanation-4: -Why Is Consumer Behavior Important in Marketing? By understanding how buyers think, feel and decide, businesses can determine how best to market their products and services. This helps marketers predict how their customers will act, which aids in marketing existing products and services.

Detailed explanation-5: -Stage 1: Problem Recognition. Stage 2: Information Gathering. Stage 3: Evaluating Solutions. Stage 4: Purchase Phase.