In economics, “consumer choice” is the process that consumers use to make choices about what products and services they want to buy. The process of consumer choice includes four main steps:
1. Identifying needs and wants: The first step in the process of consumer choice is identifying what products and services the consumer desires. This can be done through advertising, word-of-mouth, or personal experience.
2. Searching for information: Once the consumer has identified what they need or want, they will begin searching for more information about the product or service. This can be done through research online, talking to friends or family, or visiting a store in person.
3. Comparing alternatives: After gathering information, the consumer will then compare the different alternatives available to them. This step usually involves looking at price, quality, and availability of the product or service.
4. Making a purchase: The final step in the process of consumer choice is making a purchase. This can be done online, in-person, or over the phone. Once the purchase is made, the cycle of consumer choice starts all over again as the consumer begins to use the product or service and decides if they are satisfied with it.