Question Details

Economics Homework Help

Question

The previous module considered how we can obtain and analyse information in order to gain insights into our markets and customers. This module takes these insights further to enable us to gain a practical understanding of how our customers think and respond to our product offerings as reflected in the decisions they make regarding them. It is in understanding how consumers make decisions about their purchases that we can gain strategic insight into the process they go through and the factors that influence their final decision. If we understand how this process applies for our products, or better yet our competitors’ products, we can then identify how best to influence purchase decisions in our favour.

Whilst much of what we consider applies to both consumer and business buying behaviour, there are some important differences between the two, for this reason we first examine final consumer buying influences and processes, and then the buying behaviour of business customers.

Definitions

Define the following terms and provide a definition.

: Consumer Behaviour

: Attitudes

: Maslow’s theory

: Perception

: Innovators

: Situational Factors

: Adoption

: Learning

: Impulse product

: Post Purchase Dissonance