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: -It’s important to understand the consumer decision-making process because it allows you to anticipate the needs of consumers, which in turn helps you plan marketing or sales strategies based on those needs.

Detailed explanation-3: -Purchase decision is the thought process that leads a consumer from identifying a need, generating options, and choosing a specific product and brand.