Initial Estimates of the Probabilities of Events Are Known as

question 14

Multiple Choice

Initial estimates of the probabilities of events are known as

• A)sets
• B)posterior probabilities
• C)conditional probabilities
• D)prior probabilities

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Definitions:

Organizational Buying

The decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.

Psychological Buying Needs

The emotional and mental reasons that motivate consumers to make a purchase, such as status, security, and self-esteem.

Personal Influences

The effects that individuals' personalities, preferences, and characteristics have on their decisions and behaviors.

Buying Behavior

The decision processes and acts of individuals involved in buying and using products, influenced by psychological, social, and economic factors.