Consumer Behavior
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Q1. What are the key factors that influence consumer behavior?
Ans: Key factors influencing consumer behavior include cultural factors (culture, subculture, social class), social factors (reference groups, family, roles and status), personal factors (age, occupation, lifestyle), and psychological factors (motivation, perception, beliefs, and attitudes). These factors collectively shape how consumers make purchasing decisions.
Q2. How does the concept of utility relate to consumer behavior?
Ans: Utility refers to the satisfaction or benefit a consumer derives from consuming a product or service. The theory of consumer behavior assumes that consumers aim to maximize their utility given their budget constraints. This helps explain choices among different goods and services based on marginal utility.
Q3. What is the difference between consumer needs and wants, and how does this affect purchasing decisions?
Ans: Needs are essential and necessary for survival, such as food and shelter, whereas wants are desires for goods or services that enhance quality of life. Understanding the difference helps marketers position their products. Consumers prioritize needs, but wants can drive discretionary spending and brand preferences.
Q4. How does the concept of the consumer decision-making process work?
Ans: The consumer decision-making process typically involves five stages: problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. Understanding these stages helps businesses tailor their marketing strategies to influence consumers at each step, ensuring a positive buying experience.
Q5.What role does perception play in consumer behavior?
Ans: Perception is the process through which consumers interpret sensory information to form a meaningful understanding of a product or service. It influences how consumers view a brand, based on factors like advertising, product presentation, and previous experiences. Perceptions can greatly affect brand choice and loyalty.
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