Consumption Cycle and The study of buyer behaviour

Question 1

Define Buyer Behaviour?

Answer 1

The study of the mental and physical activities performed by individuals or groups that result in decisions or actions associated with the production, acquisition, use or disposal of goods and services

Question 2

What is the Linear economy?

Answer 2

• a wasteful way of treating the environment
  1. Energy and raw materials are inputs that go into production
  2. Then used to maximum capacity
  3. To produce disposal
  4. That comes out in waste and pollution

Question 3

What is the circular economy?

Answer 3

It captures materials so that todays goods are remanufactured or reused to become tomorrows goods, instead of landfill

Question 4

What is the process of the circle of consumption?

Answer 4

1. Production
2. Acquisition
3. Consumption
4. Disposal

Question 5

What is the domain of consumer behaviour?

Answer 5

Individuals or groups through products/ideas and experiences either acquire, consume or dispose.

Question 6

What are product lifespans?

Answer 6

All products have different life spans, meaning they can be used for a certain amount of years. Durable goods become disposal (like disposable cameras). also increases duplication within households

Question 7

Why study buyer behaviour?

Answer 7

• Marketing strategies must be based on understanding of consumers (customers) behaviour in order to sell products and services which satisfy the need of the customer, and turn the product into a benefit which satisfies the need(features into benefits)
• businesses, the public, voluntary sectors, regulators and consumers themselves are responsible for ensuring that basic consumer rights are identified and protected