COST ACCOUNTING
INFORMATION FOR DECISION MAKING
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Audio & Visual Information Search
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Manual & Digital Information Search
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Internal & External Information Search
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Quantitative & Qualitative Information Search
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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.