ECONOMICS

Detailed explanation-1: -Pre purchase search is of two types namely internal search using ones memory and external search which involves getting more information from friends or relatives (word of mouth).

Detailed explanation-2: -To explain information search, the economics of information identifies two types of search costs that influence information search – external and cognitive.

Detailed explanation-3: -Pre-purchase information search is an integral part of consumer decision-making process and buying behavior. Understanding consumer information search behavior is vital for organizations in order to plan their communication strategy and reach consumers effectively.

Detailed explanation-4: -a stage in the consumer buying process for a low-involvement product; past experiences with items in this product class are considered. See: Low-Involvement Products.