Perception is how individuals select, organize, and interpret stimuli to make sense of the world. Three key aspects of perception are: 1. Selection - What stimuli we notice depends on our past experiences, motives, and expectations. 2. Organization - We perceive stimuli as part of a whole, grouping related items and seeing figures as separate from backgrounds. 3. Interpretation - Our first impressions, tendency to jump to conclusions, and halo effects color how we interpret stimuli, influencing our consumer behavior and perceptions of products, brands, and more. Perceptions of risk also vary by person, culture, and situation.