MGMC02H3 Study Guide - United States Public Health Service, Consumer Behaviour, Subculture
Document Summary
Regulating policy: various regulatory bodies exist to develop, interpret and implement policies designed to protect and aid consumers (ex, federal drug administration fda) Informed individuals: most economically developed societies are referred to as consumption societies, these people spend more time engaged in consumption rather than any other activity www. notesolution. com. The consumers: discovering consumers needs is a complex process but it can accomplished by market research, knowing the consumer requires understanding the behavioural principles that guide consumption behaviours www. notesolution. com. The company: a firm must understand its own ability to meet consumer needs, this involves evaluating all aspects of firm including financial condition, general managerial skills, production etc. The competitors: u must understand competitors capabilities and strategies, for any signif marketing action, the following questions must be answered: Is our strategy robust enough to withstand the likely actions of our. 1: grouping customers with similar need sets, describing each group, selecting an attractive segment to serve.
