ECONOMICS
DECISION MAKING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
True
|
|
|
False
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -consumer decision making or problem solving requiring only minimal search for, and evaluation of, alternatives before purchasing. Also referred to as Automatic Response Behaviour, Routine Response Behaviour and Routinised Problem Solving.
Detailed explanation-2: -Experts agree that there are four main types of consumer behavior: complex-buying behavior, dissonance-reducing buying behavior, habitual buying behavior, and variety-seeking buying behavior.
Detailed explanation-3: -Habit or variety seeking For example, the purchase of a specific brand of a dishwasher gel can be repeated over a long period of time in a habitual manner, without re-considering the value associated with the brand even when there are more valuable alternatives have emerged in the market.
Detailed explanation-4: -The 4 types of impulse buying are: pure impulse (like buying candy at the check out), suggestion impulse, reminder impulse, and planned impulse. For social commerce, suggestion impulse, reminder impulse, and planned impulse can all be triggered to convert a sale.