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Chapter 3
A need is a basic requirement, essential for a person's physical and psychological well-being. A want is an upgrade of a basic need influenced by a ...
The consumer decision-making process typically involves five stages, including problem recognition, information search, evaluation of alternatives, ...
Consumer decision-making is influenced by cultural, social, personal, psychological, marketing mix, and situational factors. These factors alter a ...
Culture includes shared values, beliefs, customs, and practices learned from society, family, and social institutions. These elements shape customers' ...
A country's culture, subcultures, and subclasses shape consumer needs and preferences. And businesses must consider these cultural elements to stay ...
The social environment significantly influences consumers' decision-making processes. Reference groups that individuals identify with, like family or ...
Several Personal factors influence consumer decisions. First is the Age and Life Cycle Stage. A family with young children may prioritize safety features ...
Psychological factors refer to internal elements, conscious and unconscious, that influence how an individual thinks, feels, and acts. Psychological ...
Consumer buying behavior is categorized into four types based on perceived brand differences and customer involvement levels. Complex buying ...
Consumers encountering a new product exhibit different buying behaviors than when encountering a familiar one. This difference arises from the ...
The Learning Model of Consumer Behavior emphasizes that learning can change consumer preferences, attitudes, and decision-making through experiences, ...
The psychoanalytic model of consumer behavior focuses on the impact of the unconscious mind on purchase decisions. The model suggests that unconscious ...
The Sociological Model of consumer behavior seeks to explain consumer choices by examining social factors and influences. It assumes consumers' ...
The Economic Model of consumer behavior proposes that consumers seek maximum value by comparing prices and quality. It assumes consumers have a fixed ...
The Engel Kollat Blackwell or EKB Model explains consumer behavior as a five-stage decision process. The first stage is Problem Recognition. Troy realizes ...
The Black Box Model, or the Stimulus-Response model, suggests that consumer decision-making is similar to a black box because a consumer's internal ...
The Hawkins-Stern Impulse Buying Model states that spontaneous desires drive impulse buying rather than deliberate intentions. The process unfolds when ...
The Howard Sheth Model of Consumer Behavior suggests that consumers are inherently rational, making systematic decisions. The model assumes customers view ...
The Howard-Sheth Model provides a framework for understanding consumer decision-making. To illustrate it, let's consider Mike's decision-making ...
Customer loyalty is about establishing a lasting connection, where customers choose a particular product or brand repeatedly. The loyal customers keep ...
Customer Lifetime Value, or CLV, is the total value a customer brings to a business over the lifespan, that is, the entire period of their relationship ...
Customer insights empower businesses to make informed decisions, enabling them to understand and exceed customer expectations. These valuable insights can ...
Customers can be categorized based on their behavior, preferences, and purchasing patterns. New customers are first-time buyers, but their future loyalty ...
Customer relationships, crucial for business success, are a spectrum from basic transactions to more collaborative interactions, as illustrated by the ...
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