Factors that Influence Decisions

Question 1

What are the types of consumer decisions?

Answer 1

Consumers purchase goods and services based on their needs and wants
What to buy –> Where to buy –> How to pay

Question 2

What are minor decisions?

Answer 2

The consequences are insignificant and it’s usually a single decision

Question 3

What are major decisions?

Answer 3

Consequences are more severe and usually have more than one decision

Question 4

Decision-Making Process

Answer 4

1. Identify needs and wants
2. Collect info
3. Evaluate products
4. Consider short and long-term consequences
5. Evaluate products after purchase

Question 5

What are the factors that influence decision-making?

Answer 5

1. Personal factors
2. Social factors
3. Economic factors
4. Psychological factors
5. Cultural factors
6. Ethical factors