Podcast
Questions and Answers
What are the four Ps included in the marketing mix?
What are the four Ps included in the marketing mix?
Which characteristic of market segments ensures that segments can be quantified?
Which characteristic of market segments ensures that segments can be quantified?
During which phase of the consumer decision process does the actual exchange take place?
During which phase of the consumer decision process does the actual exchange take place?
Which of the following best defines 'demand' in consumer behavior?
Which of the following best defines 'demand' in consumer behavior?
Signup and view all the answers
What is the first step in the market segmentation process?
What is the first step in the market segmentation process?
Signup and view all the answers
Study Notes
Consumer Behavior
- Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society.
- Marketing mix is the set of tools (Product, Price, Place, Promotion) used to implement marketing strategy.
- Consumer behavior studies how customers (individuals and organizations) satisfy their needs and wants by choosing, purchasing, using, and disposing of goods, ideas, and services.
Consumer Decision Process
- The process is comprised of pre-purchase, purchase, and post-purchase stages.
Consumer Behavior Domains
- Consumer culture
- Psychological core
- Decision-making process
- Outcomes and issues
Need, Want, Demand
- Need: State of deprivation
- Want: Shaped by culture and personality
- Demand: Wants backed by buying power
Market Segmentation
- Market segmentation is the process of placing buyers into subgroups based on similar responsiveness to positioning strategies.
- Segmentation opportunity arises when differences in buyers' demand allow market division into segments with unique demand functions.
- Segments should be measurable, accessible, substantial, differentiable, and actionable.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Explore the intricacies of consumer behavior, focusing on the marketing mix and the consumer decision process. Understand how needs, wants, and demand drive purchasing decisions. This quiz delves into market segmentation and the psychological aspects that influence buyer behavior.
