Explain the Relationship Between Perceived Risk,information Search,and Type of Consumer

question 12

Essay

Explain the relationship between perceived risk,information search,and type of consumer decision process (extended,limited,and routine).

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Definitions:

Sensation Seeking

A personality trait defined by the search for experiences and feelings that are varied, novel, complex, and intense, and by the readiness to take physical, social, legal, and financial risks for the sake of such experiences.

Zuckerman

Refers to Marvin Zuckerman, a psychologist known for his research on sensation seeking, a personality trait characterized by the search for experiences and feelings that are varied, novel, complex, and intense.

Self-Efficacy

A person's belief in their ability to succeed in specific situations or accomplish a task, central to Bandura's theory of social learning.

Locus of Control

A psychological concept referring to an individual's belief about how much control they have over the events in their life.