Consumer Behavior Questions and Answers High Distinction 2023
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Course
Consumer Behavior
Institution
Consumer Behavior
Marketing Strategy, Regulatory Policy, Social Marketing, Informed Individuals - -What are the four major uses or applications of an understanding of consumer behavior?
-Marketing strategy - -How will we provide superior customer value to our target market?
-Regulatory Policy - -Various bodies...
consumer behavior questions and answers high distinction 2023
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Consumer Behavior
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Consumer Behavior Questions and
Answers High Distinction 2023
Marketing Strategy, Regulatory Policy, Social Marketing, Informed Individuals - -What are the
four major uses or applications of an understanding of consumer behavior?
-Marketing strategy - -How will we provide superior customer value to our target market?
-Regulatory Policy - -Various bodies exist to develop, interpret, and or implement policies
designed to protect and aid customers such as the Nutrition Labeling and Education Act which is
an example of a...
-Social Marketing - -The application of marketing strategies and tactics to alter or create
behaviors that have a positive effect on the targeted individuals or society as a whole
-Informed Individuals - -The understanding of indirect influence attempts and knowing when to
set limits on the strategies and tactics being used.
-Customer Value - -The difference between all the benefits derived from a total product and all
the costs of acquiring those benefits
-Consumer Analysis - -Understanding the behavioral principals that guide consumption
behaviors
-Company Analysis - -A firm's understanding of its ability to meet consumer's needs including,
financial condition, general managerial skills, production capabilities, research and development
capabilities, technological sophistication, reputation, and marketing skills.
-Competitor Analysis - -Understanding the competition's capabilities and strategies
-Conditions Analysis - -Understanding the state of the economy, physical environment,
government regulations, and technological developments
-Market Segment - -A portion of a larger market whose needs differ somewhat from the larger
market
-Target Market - -Segments of the larger market on which we will focus our marketing effort
-Product, Price, Communications, Distribution, and Services - -Marketing Mix
-Product - -Anything a consumer acquires or might acquire to meet a perceived need
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