Consumer Behavior Flashcards, test questions and answers

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What is Consumer Behavior?

Consumer behavior is an important factor to consider when it comes to marketing products and services. Understanding how consumers think, feel, and act is essential to creating effective marketing campaigns and reaching potential customers. Consumer behavior involves the study of how people make decisions about what they buy, including their preferences, motivations, attitudes, perceptions of risk and other factors that influence their decision-making process. It also examines how certain external factors such as advertising or media coverage can affect consumer decisions. The first step in understanding consumer behavior is understanding the different types of buyers. There are four main categories of buyers: impulse buyers, brand loyalists, bargain hunters, and trend followers. Impulse buyers are those who make purchase decisions based on immediate need or desire while brand loyalists are those who consistently stick with the same brands over time regardless of price or value proposition. Bargain hunters look for the best deals no matter where they shop while trend followers purchase items based on current trends in fashion or technology. To better understand consumer behavior it is important to consider psychological factors such as motivation and perception. Motivation refers to why a person chooses one product or service over another while perception refers to how someone interprets information they receive from outside sources such as advertising or word-of-mouth recommendations from friends and family members. It is also important to consider socioeconomic factors such as income level and culture which can have a major influence on people’s buying habits. Finally, companies must be aware of external influences that can shape consumer behavior such as competition from other businesses in the same industry or changes in economic conditions that affect purchasing power such as inflation rates or decreased consumer confidence levels due to rising unemployment rates.