ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -The first and most common type of individual decision you make is routine decisions. These are daily decisions (or programmed decisions) that you give little or no thought to. They are usually habitual or instinctive, such as what you eat, wear, and do every day. They don’t require you to make a strategic decision.

Detailed explanation-3: -A straight rebuy is considered a habitual decision.

Detailed explanation-4: -1. Nominal Decision-Making. Nominal decisions are often made about low-cost products. They include frequent purchases, purchases from a familiar brand or product, buying that requires low involvement, or little search efforts.