Final answer:
The buyer wanting to be the first to purchase the latest merchandise is an Early Adopter. They take risks on new products, unlike other types of consumers who may buy based on habit, impulse, or price. The availability of information and income levels also play crucial roles in the purchasing decisions of different types of buyers. option 2.
Step-by-step explanation:
The buyer who wants to be the first to purchase and own the latest merchandise is known as an Early Adopter. Early adopters are individuals who seek out new products before the majority of consumers do. They are often keen on technology and innovation, and they are willing to take risks on new products in the hopes of using them before others. This behavior contrasts with Impulsive Buyers, who make unplanned purchases, Brand Loyalists, who consistently purchase from their preferred brands, and Price Conscious Buyers, who focus on finding the best deal or the lowest price.
Every purchase is influenced by the buyer's belief in the level of satisfaction they will receive from the product or service. Information availability can greatly impact a buyer's belief and decision-making process. With insufficient or unclear information, customers may experience regret over their purchases or feel hesitant to make new purchases, especially in markets with rapid innovation and product updates where early adopters thrive. Teenage buyers, for instance, might be motivated by social norms or parental influence when purchasing clothes, but are not primarily motivated by saving money.
The concept of income elasticity demonstrates that people with higher incomes are less price sensitive and may not significantly change their purchasing habits with price fluctuations, compared to those with lower incomes who may be more influenced by price changes.