Consumer Behavior and Needs Quiz

Identify the needs and wants of consumers

Wants are things we don't really need but would like to have, while needs are things we must have in order to stay alive.

Customers change

<p>To sell products that customers can and will buy</p> Signup and view all the answers

<p>By identifying how to attract consumers away from competitors</p> Signup and view all the answers

<p>Past: Business control; Present: Consumer control</p> Signup and view all the answers

<p>A product or service that consumers no longer want because it has become outdated or outmoded or has been replaced by a new or improved product.</p> Signup and view all the answers

<p>The most basic needs are physical needs such as food, water, and shelter.</p> Signup and view all the answers

<p>A drive is an internal force that leads to action; the purpose is to fulfill a need.</p> Signup and view all the answers

<p>There are 5 stages of needs that motivate behavior: Physiological, Safety, Love &amp; belonging, Esteem, Self-Actualization.</p> Signup and view all the answers

<p>Consumer purchasing power affects both the price of products and the service delivered.</p> Signup and view all the answers

<p>Competition leads to a shift in control from businesses to consumers.</p> Signup and view all the answers

<p>Businesses have pricing power when they can increase prices in response to costs or to increase profits.</p> Signup and view all the answers

<p>Psychological influences come from within a person and drive their purchasing decisions.</p> Signup and view all the answers

<p>Innovation and technological advancement contribute to product obsolescence.</p> Signup and view all the answers