ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identify needs and wants
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Collect information about products options
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Evaluate the product alternatives against a set of criteria
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Make purchasing decisions that consider the short-and long-term financial consequences
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Buy the first product you see because you like it
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Detailed explanation-1: -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-2: -A customer is surrounded by four key factors when considering any purchase: the product, the price, the promotion and the sales channel. Shopping in a physical store isn’t the same experience as shopping online, neither shopping in a website or a mobile app.
Detailed explanation-3: -Stage 1: Problem Recognition. Stage 2: Information Gathering. Stage 3: Evaluating Solutions. Stage 4: Purchase Phase. Stage 5: The Post-Purchase Phase. 27-Mar-2019
Detailed explanation-4: -Identify the Problem. This is the first stage of the buying process. Information search. At this stage, the consumer is aware of his need or want. Evaluation of Alternatives. Purchase Decision/Purchase. Post-Purchase Evaluation.