What is consumer behavior? Give examples of the types of questions about consumer behavior that marketers investigate

What will be an ideal response?

Consumer behavior is the process individuals or groups go through to select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires. Consumers use a decision-making process involving a number of steps, and they are influenced by a variety of factors when selecting and using products. Consumer behavior is an ongoing process. Marketers are interested in understanding where consumers buy, what they buy, and when they buy. Marketers are also interested in knowing how and when consumers actually use their products. Marketers also need to understand the internal and external factors that influence each step in the consumer decision-making process.

Business

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Greg is the CEO of a leading company in the consumer packaged goods industry. He is trying to grow his company for personal gain and wealth. However, Greg sees that his company has an opportunity to break into the chemical industry. He has decided to invest free cash flow into acquiring small chemical companies that have the potential for growth if funded properly. Shareholders are not happy. Their case for wanting to cease these actions is that Greg is practicing:

a. underdiversification. b. overdiversification. c. diversification. d. segmentation.

Business

A policy is a decree issued by an agency to implement a law passed by Congress.

a. true b. false

Business