Lecture 1

Question 1

What is consumer behavior?

Answer 1

The study of how and why individuals or groups acquire, consume and dispose products

Question 2

Consumer consumption process

Answer 2

• Identify a need or desire
• Make a purchase
• Dispose the product

Question 3

Why is consumer behavior important?

Answer 3

Consumers have a huge impact on marketing strategies! Consumers have a huge impact on consumer behavior since manufacturers want to know how we are motivated to buy their products.

Question 4

Imagine when you walk in a supermarket. How are we influenced by it? Name some examples.

Answer 4

• A brands, expensive stuff and sugary stuff on eye height
• First fruits & veggies because you start with that and feel good about yourself
• The bigger the cart, the more you want to fill it up
• Sweets at the register, for impulsive buying

Question 5

Some relevant questions for business

Answer 5

– `Who are our consumers? ́
– `How do we reach them? ́
– `What should we sell them? ́
– `What will motive them to buy? ́
– `What makes them satisfied? ́

Question 6

The meaning of consumption

Answer 6

People often buy brands, not for what they do, but for what they mean!