Podcast
Questions and Answers
What characterizes an economic consumer?
What characterizes an economic consumer?
- Rational and goal-oriented, seeking value for money (correct)
- Indifferent to prices, focusing on brand names
- Impulsive and extravagant, seeking luxury items
- Easily influenced by sales tactics, seeking trendy products
How does the personalized consumer differ from other shopping orientations?
How does the personalized consumer differ from other shopping orientations?
- Prefers online shopping over in-store experiences
- Relies heavily on advertising and promotions to make purchasing decisions
- Is primarily focused on finding the lowest prices and discounts
- Forms attachments to store personnel and builds relationships with them (correct)
What distinguishes the ethical consumer from other consumer types?
What distinguishes the ethical consumer from other consumer types?
- Tends to be impulsive and easily swayed by advertising
- Is primarily motivated by convenience and accessibility of products
- Prefers to support local, green, and organic products, and may boycott certain stores (correct)
- Values luxury and exclusivity, often purchasing high-end brands
What characterizes an apathetic shopper?
What characterizes an apathetic shopper?
What is the main characteristic of a recreational shopper?
What is the main characteristic of a recreational shopper?
What is the primary advantage for marketers in targeting recreational shoppers?
What is the primary advantage for marketers in targeting recreational shoppers?
What percentage of candy and gum sales are impulse buys in in-store shopping?
What percentage of candy and gum sales are impulse buys in in-store shopping?
What is 'showrooming' in the context of shopping?
What is 'showrooming' in the context of shopping?
What is the expected growth rate of Retail ecommerce from 2018 to 2019?
What is the expected growth rate of Retail ecommerce from 2018 to 2019?
What determines a person's satisfaction or dissatisfaction with a product after purchase?
What determines a person's satisfaction or dissatisfaction with a product after purchase?
According to the expectancy confirmation/disconfirmation model, what happens if a product performs as expected?
According to the expectancy confirmation/disconfirmation model, what happens if a product performs as expected?
What is a key concern related to the fast fashion industry?
What is a key concern related to the fast fashion industry?
Where do many fast-fashion retailers outsource production?
Where do many fast-fashion retailers outsource production?
What contributes to the environmental impact of fast fashion?
What contributes to the environmental impact of fast fashion?
What is a common outcome of cheap fast fashion products?
What is a common outcome of cheap fast fashion products?
Where does a large percentage of electronic waste end up?
Where does a large percentage of electronic waste end up?
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Study Notes
Consumer Types
- An economic consumer is characterized by making rational purchasing decisions based on value and utility.
- The personalized consumer differs from other shopping orientations by seeking tailored products and services that reflect their individuality.
- The ethical consumer is distinguished from other consumer types by considering the social and environmental impact of their purchases.
- An apathetic shopper is characterized by a lack of interest or motivation in the shopping process.
- A recreational shopper is characterized by a primary motivation of enjoyment and entertainment.
Shopping Behaviors
- The primary advantage for marketers in targeting recreational shoppers is that they are more likely to make impulse purchases.
- Impulse buys account for approximately 30% of candy and gum sales in in-store shopping.
- 'Showrooming' refers to the practice of browsing products in-store before making a purchase online.
E-commerce
- The expected growth rate of Retail ecommerce from 2018 to 2019 was around 14.9%.
Post-Purchase Evaluation
- A person's satisfaction or dissatisfaction with a product after purchase is determined by their expectations, perceived performance, and disconfirmation.
Expectancy Confirmation/Disconfirmation Model
- If a product performs as expected, the consumer will experience confirmation, leading to satisfaction.
Fast Fashion Industry
- A key concern related to the fast fashion industry is its significant environmental impact.
- Many fast-fashion retailers outsource production to countries like Bangladesh, China, and Vietnam.
- The environmental impact of fast fashion is contributed to by factors like resource depletion, pollution, and waste.
- A common outcome of cheap fast fashion products is that they are often discarded after a short period, contributing to waste.
Electronic Waste
- A large percentage of electronic waste ends up in landfills, often in developing countries like Ghana and India.
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