In your own words, explain economic needs and how they relate to the economic-buyer model of consumer behavior. Give an example of a purchase you recently made that is consistent with the economic-buyer model. Give another that is not explained by the economic-buyer model. Explain your thinking.
Answer to relevant QuestionsIllustrate how the reference group concept may apply in practice by explaining how you personally are influenced by some reference group for some product. What are the implications of such behavior for marketing managers? Interview a friend or family member about two recent purchase decisions. One decision should be an important purchase, perhaps the choice of an automobile, a place to live, or a college. The second purchase should be more ...How should social class influences affect the planning of a new restaurant in a large city? How might the four Ps be adjusted? The government market is obviously an extremely large one, yet it is often slighted or even ignored by many firms. Red tape is certainly one reason, but there are others. Discuss the situation and be sure to include the ...Explain why a customer might be willing to work more cooperatively with a small number of suppliers rather than pitting suppliers in a competition against each other. Give an example that illustrates your points.
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