ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Information search is a stage of the decision making process in which consumers actively collect and utilize information from internal and/or external sources to make better purchase decisions. Internal search occurs when consumers access information previously stored in memory.

Detailed explanation-2: -For example, searching for fast food can be an example for internal search because customers often use their knowledge and tastes to choose the right product they need rather than asking someone for an advice. On the other hand, external search ends to be for bigger purchases such as home appliances or gadgets.

Detailed explanation-3: -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.

Detailed explanation-4: -An internal search involves the buyer’s memory, known information about the product/service, and specific alternatives that they can recall. An external search involves any external resources an individual may use to gather more information about the product/service.