GENERAL KNOWLEDGE

Detailed explanation-1: -The three types of decision-making are nominal, limited, and extended. These types of decision-making have different levels of purchase involvement. Nominal decision-making involves little purchase involvement, while limited decision-making required mid-ranged purchase involvement.

Detailed explanation-2: -The consumer decision-making process involves five basic steps. This is the process by which consumers evaluate making a purchasing decision. The 5 steps are problem recognition, information search, alternatives evaluation, purchase decision and post-purchase evaluation.

Detailed explanation-3: -A company’s decision on whether to make or buy is based on its core competence. The production cost and quality problems are the major triggers of a make-or-buy decision. Other factors are managerial decisions and a company’s long-term business strategy that dictate the current operations pattern.