ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Do you agree the U.S. medical system needs reform?
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How important is it to you to try new food?
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How often do you visit shopping malls?
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Do you enjoy reading?
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Detailed explanation-1: -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: -Elasticity is a measure of a variable’s sensitivity to a change in another variable, most commonly this sensitivity is the change in quantity demanded relative to changes in other factors, such as price.
Detailed explanation-3: -Evaluation of alternatives (consideration): This is the stage when a customer is comparing options to make the best choice.
Detailed explanation-4: -A consumer’s level of involvement is how interested he or she is in buying and consuming a product. Low involvement products are usually inexpensive and pose a low risk to the buyer if he or she makes a mistake by purchasing them.