The Five Major Stages of the Consumer Buying Decision Process

question 226

Multiple Choice

The five major stages of the consumer buying decision process, in order, are

• A) information search, establishment of product criteria, evaluation of alternatives, purchase, and postpurchase evaluation.
• B) problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation.
• C) problem recognition, information search, evaluation of alternatives, postpurchase evaluation, and purchase.
• D) information search, evaluation of alternatives, purchase, trial adoption period, and postpurchase evaluation.
• E) problem recognition, purchase, evaluation of alternatives, postpurchase evaluation, and rebuy.

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Definitions:

Average Variable Cost

Variable cost divided by the quantity of output

Unique Goods

Products that are distinct in their characteristics, offering uniqueness that differentiates them from mass-produced items.

Price Discrimination

A strategy in pricing where the same provider sells identical or nearly identical products or services at varying prices across different markets.

Deadweight Loss

The reduction in total societal welfare resulting from market inefficiencies, typically due to taxes, subsidies, or monopolies.