5 Questions
What is consumer behavior?
The study of how people make purchase decisions based on their needs, wants, and desires
Which fields contribute to the concepts used to analyze consumer behavior?
Psychology, economics, biology, and chemistry
What does consumer behavior analysis involve?
Using concepts and ideas from various fields to understand how people make purchase decisions
What does investigating consumer need for a product or service involve?
Understanding the specific requirements of consumers for a product or service
What is the purpose of identifying consumer attributes for a market from market profile and existing customer data?
To understand the characteristics and preferences of the target consumer group
Study Notes
Consumer Behavior
- Consumer behavior refers to the study of individuals, groups, and organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, and ideas to satisfy their needs and the impacts that these processes have on the consumer and society.
Fields Contributing to Consumer Behavior Analysis
- Psychology: understanding consumer motivations, perceptions, and learning processes
- Sociology: analyzing social influences, cultural backgrounds, and social class
- Anthropology: studying cultural and subcultural differences and influences
- Economics: examining consumer decision-making processes and resource allocation
- Marketing: identifying market segments, targeting, and positioning
Consumer Behavior Analysis
- Investigating how consumers think, feel, and behave in the marketplace
- Examining factors influencing consumer behavior, such as cultural, social, personal, and psychological influences
- Identifying consumer needs, preferences, and decision-making processes
Investigating Consumer Needs
- Identifying unmet needs or gaps in the market
- Determining the importance of product or service attributes to consumers
- Developing product or service concepts that meet consumer needs and wants
Identifying Consumer Attributes
- Creating a market profile: analyzing demographic, geographic, and behavioral characteristics
- Analyzing existing customer data to identify common attributes and patterns
- Developing targeted marketing strategies based on consumer attributes and needs
Test your knowledge of consumer behavior and market research with this exam covering all aspects of purchase decision-making, needs, wants, desires, and emotional factors. Prepare for success in BSBMKG435 and MKT200 courses with this comprehensive assessment.
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