The Text Lists Five Psychological Factors That Can Influence Purchase

question 132

Essay

The text lists five psychological factors that can influence purchase decisions. List and give an example of each.

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Definitions:

Financial Advantage

The benefit derived from making a financial decision that results in gains exceeding costs.

New Product

An item recently introduced to the market that has not previously been available for purchase by consumers.

Joint Process

A manufacturing operation that produces multiple products simultaneously from the same process or raw materials, often seen in industries like chemicals or agriculture.

Premium Grade

Premium grade typically refers to products or materials that are of higher quality and therefore command a higher price.