Consumer Behaviour Studies

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What is the primary objective of a marketing strategy?

To segment a broad market

To evaluate consumer purchase decisions

To identify product-related need sets

To deliver Customer Value (correct)

What is the process of dividing a broad market into subsets of customers with common needs?

Marketing Strategy

Market Segmentation (correct)

Consumer Decision Process

Product-Related Need Sets

What is the formula to calculate Perceived Value?

Perceived Value = Perceived Benefits / Perceived Costs

Perceived Value = Perceived Benefits – Perceived Costs (correct)

Perceived Value = Perceived Benefits + Perceived Costs

Perceived Value = Perceived Benefits × Perceived Costs

What is the fourth step in the market segmentation process?

Selecting an Attractive Segment(s) to Serve Signup and view all the answers

What can be added through elements of the marketing mix?

Value Signup and view all the answers

What is the process of evaluating alternative options in the consumer decision process?

Alternative Evaluation Signup and view all the answers

What is the primary focus of consumer behavior studies?

Understanding the processes individuals use to select, secure, and use products Signup and view all the answers

According to Mothersbaugh, Hawkins, and Kleiser (2020), what is the main goal of consumer behavior?

To satisfy consumer needs and wants Signup and view all the answers

What is a key challenge in studying consumer behavior?

The complexity of human behavior Signup and view all the answers

What is the purpose of market segmentation in marketing strategy?

To group customers with similar needs and preferences Signup and view all the answers

What is the third step in the market segmentation process?

Grouping customers with similar need sets Signup and view all the answers

What do the authors of the textbook suggest that readers should ask themselves about their own consumer behavior?

How do I decide what products to purchase? Signup and view all the answers

What is the main idea of the Role Theory in consumer behavior?

Consumers behave like actors, seeking out props to suit their different roles Signup and view all the answers

What is the key to understanding consumer behavior, according to marketers?

Understanding the wants and needs of different consumer segments Signup and view all the answers

What is the relationship between situations and consumer decisions?

Consumer decisions result from perceived problems and opportunities in specific situations Signup and view all the answers

What is the main difference between needs and wants, according to the text?

The text does not provide a clear distinction between needs and wants Signup and view all the answers

What is the process of consumer behavior, according to the text?

A process influenced by internal and external factors Signup and view all the answers

What is the significance of understanding internal and external influences on consumer behavior?

It is crucial for marketers to develop effective marketing strategies Signup and view all the answers

Consumer Behaviour Studies

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