Consumer Behavior and Attracting Interest in Business
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Questions and Answers

What is one of the primary goals of a business?

  • To ignore consumer behavior
  • To focus only on competitor analysis
  • To maximize profits at any cost
  • To meet customers’ needs & wants (correct)

    • How can successful entrepreneurs attract consumer interest?

  • By understanding consumer behavior (correct)
  • By ignoring customer preferences
  • By focusing only on profits
  • By copying competitors' strategies

    • What is the difference between wants and needs?

  • Wants are essential for survival, needs are not necessary.
  • Needs are essential for survival, wants are not necessary. (correct)
  • Needs are material goods, wants are intangible desires.
  • Wants are things we must have, needs are optional.

    • Why do customers' needs and wants change over time?

    <p>Customers change over time</p> Signup and view all the answers

    What is the first step in attracting consumer interest according to the text?

    <p>Identify the needs and wants of consumers</p> Signup and view all the answers

    According to Maslow's Hierarchy of Needs, what is the basic need that motivates behavior?

    <p>Physiological needs</p> Signup and view all the answers

    What is the meaning of 'obsolete' in the context of consumer products?

    <p>No longer wanted because outdated or replaced</p> Signup and view all the answers

    In the past, who used to dictate what was produced, when it was produced, and in what quantities?

    <p>Businesses</p> Signup and view all the answers

    What does consumer purchasing power influence?

    <p>Product pricing and service delivery</p> Signup and view all the answers

    Which motivational theory is most famous for explaining consumer behavior?

    <p>Maslow's Hierarchy of Needs</p> Signup and view all the answers

    What is the internal force that leads to action when a need is not satisfied?

    <p>Motivation</p> Signup and view all the answers

    What happens when consumers decide they no longer want a specific good or service?

    <p>The product becomes obsolete</p> Signup and view all the answers

    Which level of Maslow's Hierarchy involves the need for respect and admiration?

    <p>Esteem</p> Signup and view all the answers

    What factor contributes to products becoming obsolete over time?

    <p>'Innovation and technological advancement'</p> Signup and view all the answers

    'Drive' in the context of consumer behavior is best described as:

    <p>'An internal force that leads to action'</p> Signup and view all the answers

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