Lecture 5 - Consumer Markets

Question 1

What is consumer behavior?

Answer 1

How people satisfy their needs and wants by buying, using, and disposing of goods, services.

Question 2

What are culture and subcultures?

Answer 2

Culture shapes values and behaviors, while subcultures are smaller groups within a culture defined by nationality, religion, ethnicity, or region.

Question 3

What is multicultural marketing?

Answer 3

Adapting products and marketing strategies to fit local cultural preferences while maintaining a global brand identity.

Question 4

What are the key social groups influencing consumer behavior?

Answer 4

1. Reference groups: Groups that influence attitudes and behaviors.
2. Family: The most important buying organization.
3. Roles and status: Activities a person is expected to perform and their societal position.

Question 5

What are reference groups, and how do they influence buying behavior?

Answer 5

Reference groups are groups that influence a person’s attitudes or behavior, such as membership groups (where one belongs), aspirational groups (one hopes to join), or dissociative groups (one seeks to avoid).

Question 6

What are the key factors influencing consumer behavior?

Answer 6

Culture, subculture, social groups, personal characteristics (age, occupation, lifestyle), and psychological factors like motivation and perception.

Question 7

What is Maslow’s hierarchy of needs?

Answer 7

A framework that prioritizes human needs into five levels: physiological, safety, social, esteem, and self-actualization, where lower needs must be met before higher ones.

Question 8

What is brand personality?

Answer 8

The human characteristics or traits associated with a brand, such as excitement, competence, or sophistication.

Question 9

Buying decision process

Answer 9

Problem recognition
Information search
Evaluation of alternatives
Purchase decision
Post-purchase decision