MANAGEMENT

Detailed explanation-1: -What is Price Perception? Price perception is the perceived worth of a product or service in the consumer’s mind. It is one of the leading variables in the consumer’s buying process. Buyers are unaware of the true cost of production for the products they buy.

Detailed explanation-2: -There are four factors that determine the characteristics of consumer behavior: personal, psychological, social, and cultural. All factors have a major impact on a consumer’s behavior and the characteristics that define a customer will change as her/his life changes.

Detailed explanation-3: -Consumer goods are products bought for consumption by the average consumer. Also called final goods, consumer goods are the end result of production and manufacturing. Clothing, food products, and dishwashers are examples of common consumer goods.