Within the Information Search Step of the Consumer Buying Decision

question 12

Multiple Choice

Within the information search step of the consumer buying decision process, what two primary aspects exist?

• A) Consideration sets and evoked sets
• B) Personal information and nonpersonal information
• C) Selective retention and selective distortion
• D) Internal search and external search
• E) Company-produced information and internal information

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Definitions:

Diminishing Marginal Utility

The decrease in satisfaction or utility that a person derives from consuming each additional unit of a good or service.

Demand Curves

A graphical representation that shows the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.

Marginal Utility

The extra value or satisfaction garnered by a consumer with the acquisition of one more unit of a good or service.

Total Utility

The overall satisfaction or happiness received from consuming a certain amount of goods or services.