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:

Receivables Balance

The total amount of money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.

Average Collection Period

The average number of days it takes for a business to receive payments owed by its customers for goods or services sold on credit.

Average Annual Sales

Average annual sales represent the mean revenue a company generates per year over a specified period, commonly used to assess business performance and growth trends.

Credit Policy

Guidelines that a company follows to determine credit limits and terms for customers, which affects how and to whom credit is extended.