ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Perception is the process of selecting, organizing, and interpreting information. This process includes the perception of select stimuli that pass through our perceptual filters, are organized into our existing structures and patterns, and are then interpreted based on previous experiences.

Detailed explanation-2: -Reference Groups A reference group consists of people to whom an individual looks as a basis for self-appraisal or as a source of personal standards.

Detailed explanation-3: -1. Problem recognition. The first step of the consumer decision-making process is recognizing the need for a service or product. Need recognition, whether prompted internally or externally, results in the same response: a want.

Detailed explanation-4: -Post-Purchase Evaluation. This is the last stage and is most often ignored by marketers. After buying the product, customers compare products with their expectations. There can be two outcomes: Either satisfaction or dissatisfaction.