What is a key step in the selection and purchase phase of consumer buying?

Negotiating when appropriate is an essential step in the selection and purchase phase of consumer buying as it directly influences the final price and overall value of the purchase. Engaging in negotiation allows consumers to express their expectations, seek better terms, and often results in financial savings. This process can apply to various transactions, especially in markets where prices aren't fixed, such as in real estate, cars, or even electronics in certain retail environments.

While reading product reviews, checking warranty options, and comparing financing options are also important steps in the buying process, they primarily involve gathering information to support a decision rather than actively engaging in the transaction itself. Negotiation is an interactive process that can lead to a tangible benefit, making it a critical part of effectively managing personal finances during a purchase.