What Are the Two Most Important Benefits of the Five-Step

question 42

Essay

What are the two most important benefits of the five-step model of consumer decision-making? Why is it important that marketers know how consumers proceed through the model?

---

Definitions:

Wage-gap

is the difference in average earnings between different groups of workers, often used to discuss disparities based on gender, race, or education.

Migration Costs

Expenses and sacrifices associated with moving from one location to another, which can include monetary costs, emotional strain, and time.

Substitute Resources

Resources or inputs that can be used in place of each other in the production process.

Inelastic

Describes a situation where a change in price leads to a relatively smaller change in the quantity demanded or supplied.