0
What else can I help you with?
What is the process of consumer decision making?
Recognize a need
What factors influence the consumer decision-making process?
1.price of the commodity 2.his/her financial health 3.substitutes and complementary goods 3.consumer tastes and behaviour 5.the social environment 6.the weather parttens 7.the gvt policies 8.the opportunity cost
How are decisions and the decision processes for business markets similar to those of consumer markets?
The question needs to be narrowed a bit. A distinction must be made to differentiate between the meaning of business decisions and decision processes. All business decisions are made through a formal or informal decision making process. Since the primary objective of a business is to maximize profitability, the decision process as it relates to that objective would be to assess the decision options and associated risks.The decisions and decision processes of consumers, on the other hand, can also be defined in economic term. I am assuming that the question relates to consumer purchase decisions based on product utility received by the consumer and price paid by the consumer. The consumer would normally go through a purchase evaluation process to determine if the product price justifies the utility that the consumer will enjoy.In this context, there is some similarity between business and consumer market decision making processes in terms of the economic benefit to be gained by the decision makers: profit maximization for a business and product utility maximization for a consumer. Both types of decisions involve risks and opportunity costs for both business and consumers.
What is the consumer purchase decision process occurs when consumers scan their memory for previous experiences with products or brands?
internal seach
What are the stages in consumer buying process?
There are six stages in the consumer buying process. There are: Problem Recognition which is considered as the most important, Information Search for recognizing the problem, Evaluation of Alternatives for evaluation of the product, Purchase Decision where the purchase decision falls, Purchase where the customer has decided to purchase and the Post-Purchase Evaluation where the insights of the customer of being satisfied or not.
State the impact of Psychological influences on the consumer decision process?
Psychological influences play a significant role in the consumer decision process by shaping attitudes, perceptions, and behaviors. Factors like motivation, perception, learning, beliefs, and attitudes can influence how consumers evaluate products, make purchasing decisions, and form brand preferences. Marketers can utilize these psychological influences to tailor their marketing strategies and effectively target consumer needs and preferences.
What is the process of consumer decision making?
Recognize a need
How does consumer judgment differ from consumer decision making?
Consumer judgment refers to the process by which individuals evaluate and form opinions about products or services based on their perceptions, beliefs, and experiences. In contrast, consumer decision making involves the actual process of choosing among alternatives, which includes steps such as problem recognition, information search, evaluation of options, and making a purchase. While judgment influences how consumers perceive and assess options, decision making encompasses the entire journey leading to a final choice. Thus, judgment can be seen as a precursor to the decision-making process.
Can indifference curves ever cross in consumer theory, affecting the consumer's preferences and decision-making process?
No, indifference curves in consumer theory do not cross, as they represent different levels of satisfaction for the consumer. Crossing would imply inconsistency in preferences, which goes against the assumptions of rational decision-making in consumer theory.
What factors influence the consumer decision-making process?
1.price of the commodity 2.his/her financial health 3.substitutes and complementary goods 3.consumer tastes and behaviour 5.the social environment 6.the weather parttens 7.the gvt policies 8.the opportunity cost
A step in the consumer decision-making process is a result of an imbalance between actual and desired states?
Evaluation of alternatives
Compare and contrast the decision making process of consumer products with that of industrial products?
The decision-making process for consumer products typically involves individual or household considerations, focusing on personal preferences, emotions, and brand loyalty, often leading to quicker decisions. In contrast, the decision-making process for industrial products is more complex, as it involves multiple stakeholders, extensive research, and a longer time frame due to factors such as cost, technical specifications, and long-term implications for the business. While consumer decisions may prioritize convenience and immediate satisfaction, industrial decisions emphasize functionality, reliability, and return on investment. Ultimately, the context and complexity of the purchase significantly influence the decision-making approaches in both domains.
How do my siblings influence my decision-making process?
Siblings can influence your decision-making process by providing different perspectives, opinions, and experiences that can help you consider various options and make more informed choices. Their influence can shape your values, beliefs, and behaviors, ultimately impacting the decisions you make in your life.
How do friends influence decisions?
Friends influence decision when you share most problems with them. During this process they make suggestions which are adopted as solution.
How are decisions and the decision processes for business markets similar to those of consumer markets?
The question needs to be narrowed a bit. A distinction must be made to differentiate between the meaning of business decisions and decision processes. All business decisions are made through a formal or informal decision making process. Since the primary objective of a business is to maximize profitability, the decision process as it relates to that objective would be to assess the decision options and associated risks.The decisions and decision processes of consumers, on the other hand, can also be defined in economic term. I am assuming that the question relates to consumer purchase decisions based on product utility received by the consumer and price paid by the consumer. The consumer would normally go through a purchase evaluation process to determine if the product price justifies the utility that the consumer will enjoy.In this context, there is some similarity between business and consumer market decision making processes in terms of the economic benefit to be gained by the decision makers: profit maximization for a business and product utility maximization for a consumer. Both types of decisions involve risks and opportunity costs for both business and consumers.
What is the consumer purchase decision process occurs when consumers scan their memory for previous experiences with products or brands?
internal seach
Which stages of the consumer decision-making process are affected most by comparison shopping on mobile platforms?
chew mamaw ou
