Podcast
Questions and Answers
What does the Pareto principle suggest about the distribution of consequences and causes?
What does the Pareto principle suggest about the distribution of consequences and causes?
- 80% of consequences come from 20% of causes. (correct)
- 20% of consequences come from 80% of causes.
- All causes contribute equally to the consequences.
- 80% of causes come from 20% of consequences.
Which demographic dimension is NOT typically influential in strategic marketing decisions?
Which demographic dimension is NOT typically influential in strategic marketing decisions?
- Geography
- Gender
- Personal Preferences (correct)
- Social Class
Which of the following best defines psychographics in consumer segmentation?
Which of the following best defines psychographics in consumer segmentation?
- The geographical location of consumers.
- In-depth analysis of purchasing frequency.
- Differences in consumers’ personalities, attitudes, values, and lifestyles. (correct)
- The statistical distribution of consumer demographics.
How does relationship marketing primarily seek to engage customers?
How does relationship marketing primarily seek to engage customers?
Which type of relationship attachment involves strong feelings developed through personal experiences with a product?
Which type of relationship attachment involves strong feelings developed through personal experiences with a product?
What is the term used for the psychological dependency on products or services?
What is the term used for the psychological dependency on products or services?
What is the practice of changing price tags on items to receive a lower price called?
What is the practice of changing price tags on items to receive a lower price called?
Which term describes the act of using primary research for a new research question?
Which term describes the act of using primary research for a new research question?
Which practice involves marketing that aligns with environmental sustainability?
Which practice involves marketing that aligns with environmental sustainability?
What does the term 'anti-consumption' primarily refer to?
What does the term 'anti-consumption' primarily refer to?
What is one reason consumers often purchase products?
What is one reason consumers often purchase products?
How has global consumer culture affected societal behavior?
How has global consumer culture affected societal behavior?
What technology is pivotal for the growth of consumer behavior online?
What technology is pivotal for the growth of consumer behavior online?
Which trend signifies a shift in consumer expectations regarding products?
Which trend signifies a shift in consumer expectations regarding products?
What is one of the ethical standards of conduct in marketing?
What is one of the ethical standards of conduct in marketing?
Which of the following best describes the trend towards healthy and ethical living?
Which of the following best describes the trend towards healthy and ethical living?
In what way has the web fundamentally transformed consumer behavior?
In what way has the web fundamentally transformed consumer behavior?
What is one characteristic of the sharing economy?
What is one characteristic of the sharing economy?
What does consumer behaviour primarily involve?
What does consumer behaviour primarily involve?
What is the primary benefit of understanding consumer behaviour for marketers?
What is the primary benefit of understanding consumer behaviour for marketers?
What is meant by market segmentation?
What is meant by market segmentation?
How can understanding consumer behaviour impact organisations?
How can understanding consumer behaviour impact organisations?
Consumer behaviour is described as a process involving which of the following stages?
Consumer behaviour is described as a process involving which of the following stages?
What is a key factor that influences consumer behaviour before the purchase occurs?
What is a key factor that influences consumer behaviour before the purchase occurs?
Which of the following best describes the significance of ethical issues in consumer behaviour?
Which of the following best describes the significance of ethical issues in consumer behaviour?
What aspect should marketers consider to effectively understand consumer behaviour?
What aspect should marketers consider to effectively understand consumer behaviour?
Study Notes
An Introduction to Consumer Behaviour
- Definitions: A process involving selection, purchase, usage, or disposal of products, services, ideas, or experiences to satisfy needs and desires.
- Consumer behaviour encompasses pre-purchase, purchase, and post-purchase influences.
Consumers' Impact on Marketing Strategy
- Key focus: Understanding consumer behaviour drives effective marketing strategies.
- Marketers predict future trends by analyzing consumer data.
Segmenting Consumers
- Market segmentation identifies groups of consumers with similarities for tailored marketing strategies.
- The Pareto principle highlights that 80% of outcomes come from 20% of causes.
- Important demographic factors include:
- Age, gender, family structure, lifestyle, social class, income, ethnicity, and geography.
- Psychographics explore personality traits, attitudes, values, and lifestyle choices.
Relationship Marketing
- Focuses on long-term interaction and maintaining customer bonds.
- Database marketing tracks consumer habits to personalize offerings.
- Various types of product relationships include self-concept attachment, nostalgic attachment, interdependence, and love.
Marketing's Impact on Consumers
- Culture influences marketing strategies via popular culture and consumer-generated content.
- Brands convey image and help form social bonds.
- Global consumer culture connects individuals through shared brand and celebrity devotion.
Virtual Consumers
- The internet enables 24/7 shopping, facilitating consumer-to-consumer interactions.
- Emergence of digital natives and a horizontal revolution transform consumer engagement.
- Advancements in machine-to-machine communication and AI enhance ad targeting and marketing strategies.
Consumer Trends
- Key trends shaping marketing strategies:
- Sharing economy, authenticity, personalization, gender role blurring, diversity, social shopping, healthy living, simplification, and anonymity.
Marketing Ethics and Public Policy
- Business ethics guide honest and ethical marketplace conduct.
- Ethical standards include risk disclosure, avoiding false advertising, and transparency in costs.
- Public policy aims to protect consumer welfare through various laws.
The Dark Side of Consumer Behaviour
- Consumer addiction includes psychological dependencies on products/services like alcohol, smoking, and technology.
- Compulsive consumption can lead to behaviours like gambling.
- Illegal activities pertaining to shoplifting (shrinkage), fraudulent returns, and anti-consumption practices such as vandalism.
The Role of Consumer Research
- Primary research involves collecting specific data for particular research questions.
- Secondary research relies on existing data collected for different purposes, aiding in new research inquiries.
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Description
This quiz explores the fundamental concepts of consumer behaviour and its significance in marketing strategies. It covers market segmentation, the impact of demographics and psychographics, and the principles of relationship marketing. Test your understanding of how consumers influence purchasing decisions and how businesses adapt their strategies accordingly.
