Buying goods and services for further processing or for use in the production process refers to Business markets. Marketplaces where organizations purchase raw materials, natural resources and components of other products for their resale or for use in manufacturing another product. Business markets are generally made up of businesses which buy products and raw materials for their own operation.
Product planners need to think about products and services on three levels. Each level adds more customer value. Which one of the following is the most basic level that addresses the question, “What is the buyer really buying?”
This is stimulus-response model of the buyer behaviour. It shows stimuli as input and buyer response as output with the process of decision-making in the middle which depends on the buyer's characteristics.
Which one of the following factor relates to family that influences consumer behavior?
Social factor relates to family that influences consumer behavior. Social factors play an essential role in influencing the buying decisions of consumers. Human beings are social animals. We need people around to talk to and discuss various issues to reach to better solutions and ideas. We all live in a society and it is really important for individuals to adhere to the laws and regulations of society.
Unique psychological characteristics that lead to relatively consistent and lasting responses to one’s own environment refers to which one of the following?
Unique psychological characteristics that lead to relatively consistent and lasting responses to one’s own environment refers to belief. A Belief is a descriptive thought that a person holds about something.
Which one of the following statements by a company chairman BEST reflects the marketing concept?
Customer satisfaction is a key to build lasting relationships with consumers. Customer satisfaction indicates the fulfillment that customers derive from doing business with a firm. In other words, it’s how happy the customers are with their transaction and overall experience with the company.
The factors such as the buyer’s age, life-cycle stage, occupation, economic situation, lifestyle, personality and self-concept that influences buyer’s decisions refers to which one of the following characteristic?
The factors such as the buyer’s age, life-cycle stage, occupation, economic situation, lifestyle, personality and self-concept that influences buyer’s decisions refers to Demographical characteristics. Demographic segmentation is one of the ways to target a specific group of consumers.