Consumer Markets and Buyer Behavior: Key Influences
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UNIT 5: Consumer Markets and Buyer Behavior
1. Model of Consumer Behavior
The buying decision is the focal point of a marketer’s effort. Marketers study consumer purchases to determine what, where, and how much consumers buy. The central question for marketers is: "How do consumers respond to various marketing efforts?" Stimuli, including the 4 Ps (product, price, place, and promotion) and economic, technological, social, and cultural factors, influence these responses. Marketers aim to understand how these stimuli are processed within the consumer's "black box." Buyer characteristics influence perception and reaction, while the decision process itself affects behavior.
2. Characteristics Affecting Consumer Behavior
2.1. Cultural Factors
a) Culture
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