Understanding Consumer Behavior

Question 1

What is consumer behavior? What influences consumer behavior?

Answer 1

Consumer behavior: acquiring, consuming, and disposing of goods, services, time, and ideas by the consumer (us)

Influenced by: social media, ads, friends/family (WOM,) celebrities/sports

Question 2

3 components of consumption.

Answer 2

1-Acquisition: how you actually got the product into your hands.
2-Consumption(Usage): using it
3-Disposition: getting rid of it

Question 3

2 questions a marketer would ask when determining how to price products?

Answer 3

A: How sensitive are consumer to price and price changes?
B: When should pricing tactics be used?

Question 4

Why is it important to consider where your product is distributed and how it impacts consumer behavior?

Answer 4

Availability. Can customers get it? Accessibility. The design of the store. Think Apple store and its purpose in having every single item in order to make money.

Market segmentation.