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Consumer Behavior and Needs Quiz

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Questions and Answers

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

Identify the needs and wants of consumers

How are 'wants' and 'needs' defined in the context of consumer behavior?

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.

Why do customers' needs and wants change according to the text?

Customers change

Why is it important for businesses to meet customers' needs and wants?

To sell products that customers can and will buy Signup and view all the answers

How can successful entrepreneurs attract consumer interest away from competitors?

By identifying how to attract consumers away from competitors Signup and view all the answers

What is the main difference between the past and present in terms of control in the market?

Past: Business control; Present: Consumer control Signup and view all the answers

Define the term 'obsolete products' in the context of consumer influence.

A product or service that consumers no longer want because it has become outdated or outmoded or has been replaced by a new or improved product.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

What are physiological needs according to Maslow's Hierarchy of Needs?

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

Explain the concept of 'drive' in relation to consumer behavior.

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

What is the main idea behind Abraham Maslow's Hierarchy of Needs?

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

How does consumer purchasing power influence prices and services?

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

What is the role of competition in the shift of control from businesses to consumers?

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

How do businesses gain control over pricing power?

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

Explain the significance of psychological influences on consumer behavior.

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

What is the impact of innovation and technological advancement on product obsolescence?

Innovation and technological advancement contribute to product obsolescence. Signup and view all the answers