Prior Knowledge and Experience Influences the Extent to Which Consumers

question 33

Multiple Choice

Prior knowledge and experience influences the extent to which consumers conduct external information searches during the decision process.Which group typically will spend the most time gathering information?

• A)Consumers with low levels of expertise
• B)Consumers with high levels of expertise
• C)Consumers with moderate (medium) levels of expertise
• D)Consumers who are in a state of brand chaos
• E)All of the above will spend equal amounts of time gathering information.

---

Definitions:

Silk

A natural fiber known for its luster and softness, produced by the larvae of silk moths, used in the manufacture of luxurious fabrics.

Price Taker

A firm or individual who accepts the prevailing prices in the market since they do not have the power to influence it.

Small Country

A nation with a smaller geographic area or population, often with less impact on global economic trends.

International Trade

Conducting transactions of goods and services over the boundaries of nations or territories.