Identify and Explain the Five Stages of the Consumer Purchase

question 154

Essay

Identify and explain the five stages of the consumer purchase decision process as shown in "A," "B," "C," "D," and "E" in Figure 5-1 above.

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Definitions:

Expected Value

The weighted average of all possible values of a random variable, with each value weighted according to its probability of occurrence.

Perfect Information

A situation in which all participants have full and equal knowledge of all relevant factors affecting decisions.

EMV

Expected Monetary Value, a decision-making tool used in risk management to calculate the average outcome when the future includes scenarios that may or may not happen.

Medium Potential

A term indicating a moderate level of capacity or ability to achieve or develop something in the future.