ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The contracting stage: This stage has three sub-stages; the launching period, during which children leave the home, the financial recovery period, and the period of retirement.

Detailed explanation-2: -The 5 steps are problem recognition, information search, alternatives evaluation, purchase decision and post-purchase evaluation.

Detailed explanation-3: -Consumer purchases made when a need is identified and a habitual ("routine") purchase is made to satisfy that need. Purchasing decisions made out of habit. The first stage of the Consumer Decision Making Process, need recognition takes place when a consumer identifies an unmet need.

Detailed explanation-4: -Evaluation of alternatives (consideration): This is the stage when a customer is comparing options to make the best choice.

Detailed explanation-5: -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.