Analysing consumer markets

5 important questions on Analysing consumer markets

What is consumer behavior? (def) and what elements does is consist of

the study of how consumers select, buy, use and dispose of goods or service to satisfy their wants and needs

  • cultural
  • social
  • personal

Give 3 elements of social factors:

-reference groups : influence you
- family: habits, routines, norms and values
- roles and status

What psychological elements are people influenced to buy:

  • perception
  • learning
  • memories
  • emotions
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Explain different stages of the maslow pyramid: (perception)

  1. psychological needs (food,water)
  2. safety needs (security and protection)
  3. social needs ( sense of belonging, love)
  4. esteem needs ( self-esteem, recognition, status)
  5. self- actualization needs (self -development)

Explain the buying decision process (five stage model)

  1. need recognition
  2. information searching and processing
  3. identification and evaluation of alternatives
  4. purchase decision
  5. post-purchase behaviour

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