ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Conspicuous consumption is not one of the five stages in the buyer decision process; it is the expenditure on consuming luxuries or lavish items to enhance one’s status and lifestyle.

Detailed explanation-2: -Psychological factors include gender, age, family life cycle stage, personality, self-concept, and lifestyle. Social, individual, and psychological factors do not affect a decision-making process. Cultural factors exert the broadest and the deepest impact on consumer behavior.

Detailed explanation-3: -Individual factors that affect consumer buying decisions include gender; age and family life cycle stage; and personality, self-concept, and lifestyle. Beyond obvious physiological differences, men and women differ in their social and economic roles, and that affects consumer buying decisions.

Detailed explanation-4: -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.