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Consumer behavior and decision making, focusing on the various stages of the process, from need recognition to post-purchase behavior. It covers internal and external information search, evaluation of alternatives, and the influence of cultural, social, and individual factors. The document also touches upon business buying behavior and market segmentation.
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Chapter 6 LO1 The Importance of understanding consumer behavior Consumer behavior: how consumers make purchase decisions and how the use and dispose of the purchased goods or services; also includes factors that influence purchase decisions and product use. LO2 Consumer Decision Making Process:
iii. rank the attributes under consideration in order of importance and evaluate the products based on how well each performs on the most important attributes. iv. Brand extensions: well-known and respected brand name from one product category is extended into other product categories, is one way companies employ categorization to their advantage.
LO7 Individual Influences on Consumer Buying Decisions: A person’s buying decisions are also influenced by personal characteristics that are unique to each individual, such as gender; age and life cycle stage; and personality, self-concept, and lifestyle.
Chapter 7 LO 1 Business Marketing: the marketing of goods and services to individuals and organizations for purposes other than personal consumption. : The key characteristic distinguishing business products from consumer products is intended use, not physical form. LO
Chapter 8 LO1 Market Segmentation: market means different things to different people