ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Emotional buying
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Includes careful consideration
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Evaluate product’s features and quality
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Long-term satisfaction in quality of product
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Detailed explanation-1: -In general, there are four factors that influence consumer behaviour. These factors impact whether or not your target customer buys your product. They are cultural, social, personal and psychological.
Detailed explanation-2: -The correct option is C) conspicuous consumption. 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-3: -These factors can be garnered through comparison, arming your potential customer with the knowledge they need to get the best value for their money. In short, the power of comparison can make or break a sale for your brand, and even loyal customers might be tempted to shop elsewhere if you don’t stay competitive.
Detailed explanation-4: -There are three major categories of consumer decisions-nominal, limited, and extended-all with different levels of purchase involvement, ranging from high involvement to low involvement.