The Sequence of Stages a Prospective Buyer Goes Through from Initial

question 62

Multiple Choice

The sequence of stages a prospective buyer goes through from initial awareness of a product to eventual action (either trial or adoption of the product) is referred to as:

• A)the consumer-product cycle.
• B)the hierarchy of effects.
• C)the consumer purchasing hierarchy.
• D)the purchase continuum.

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Definitions:

Quoting Prices

The act of providing a potential buyer with a specific price at which goods or services can be sold, often before a deal is finalized.

Transportation Costs

Expenses associated with the movement of goods or people from one location to another, including fuel, labor, and maintenance.

Skimming Pricing

A pricing strategy where a new product is priced high to take advantage of the willingness of customers to pay a premium for something new or different, then gradually lowering the price over time.

Pricing Strategy

A plan or approach used by companies to set prices for their products or services, taking into account factors like competition, costs, and customer demand.