Consumer Behavior

What is consumer behavior?

• Understanding factors that influence purchasing decisions

• Segmenting customers based on characteristics

• Identifying customer needs and wants

• Creating high sales for a business

Which type of consumer behavior involves purchasing the same product without considering alternatives?

• Loyal behavior

• Informed behavior

• Impulse behavior

• Price conscious behavior

What type of consumer behavior involves extensive research and weighing the positives and negatives of different products?

• Loyal behavior

• Informed behavior

• Impulse behavior

• Price conscious behavior

Which type of consumer behavior involves buying a product on a whim with little thought?

• Loyal behavior

• Informed behavior

• Impulse behavior

• Price conscious behavior

Where do businesses often locate products that are bought on impulse?

• At the entrance of the store

• In the middle of the store

• At the checkout counter

• In the clearance section

Which type of consumer behavior considers cost as the main consideration in purchasing decisions?

• Loyal behavior

• Informed behavior

• Impulse behavior

• Price conscious behavior

What should businesses do if they have price-sensitive customers?

• Increase the price of their products

• Lower the quality of their products

• Keep a close eye on competitor prices

• Ignore competitor prices

What factors can influence an individual consumer's behavior?

• The product being purchased

• The consumer's personal financial circumstances

• The consumer's feelings

• All of the above

Why is it important for businesses to understand consumer behavior?

• To create products customers want

• To achieve high sales

• To appeal to the target market

• All of the above

What should businesses be cautious about when collecting data on customers?

• Treating the data with caution

• Making big decisions based on limited data

• Identifying supporting evidence

• Ignoring customer data