Podcast
Questions and Answers
What is one of the primary goals of a business?
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?
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?
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?
Why do customers' needs and wants change over time?
What is the first step in attracting consumer interest according to the text?
What is the first step in attracting consumer interest according to the text?
According to Maslow's Hierarchy of Needs, what is the basic need that motivates behavior?
According to Maslow's Hierarchy of Needs, what is the basic need that motivates behavior?
What is the meaning of 'obsolete' in the context of consumer products?
What is the meaning of 'obsolete' in the context of consumer products?
In the past, who used to dictate what was produced, when it was produced, and in what quantities?
In the past, who used to dictate what was produced, when it was produced, and in what quantities?
What does consumer purchasing power influence?
What does consumer purchasing power influence?
Which motivational theory is most famous for explaining consumer behavior?
Which motivational theory is most famous for explaining consumer behavior?
What is the internal force that leads to action when a need is not satisfied?
What is the internal force that leads to action when a need is not satisfied?
What happens when consumers decide they no longer want a specific good or service?
What happens when consumers decide they no longer want a specific good or service?
Which level of Maslow's Hierarchy involves the need for respect and admiration?
Which level of Maslow's Hierarchy involves the need for respect and admiration?
What factor contributes to products becoming obsolete over time?
What factor contributes to products becoming obsolete over time?
'Drive' in the context of consumer behavior is best described as:
'Drive' in the context of consumer behavior is best described as:
