ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Situational Factors: These factors include the lifestyle of a consumer, use of the product or service, and the occasion for making the purchase. Personal Factors: These factors include the age of a consumer, location, and purchasing power.

Detailed explanation-2: -What is Right to Information (cont.) Gives consumers the responsibility to read all information on the label carefully, read all fine print before signing any documents or contracts, compare products by reading magazines and newspapers, and consult friends using the same products.

Detailed explanation-3: -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-4: -The four stages of selective perception include Selective Exposure, Selective Attention, Selective Comprehension, and Selective Retention.