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Aleksandr [31]
3 years ago
9

Marketers need to recognize and understand consumer behavior in order for their business to be successful. List and explain why

understanding consumer behavior is so important. Also within your explanation show how businesses attempt to understand their consumers? Also explain attributes of what customers are looking for in products and or services?
Business
1 answer:
frosja888 [35]3 years ago
5 0

Answer:

Consumer behavior can be defined as the behavior shown by the final consumers and users of the products and services. It is very important for the marketers to know and understand consumer behavior. Marketers should know:

Why consumers purchase different products

How much they purchase

From where they purchase

When they purchase products

With whom they purchase products

Who initiate the buying decision

What can influence him or her

From where did they get the information

Who influence their buying decision

Who actually make the buying

How they use the products etc etc.

Markets try to study consumers from the data generated in-store and out-of-store. They do research to study consumers in depth. They also do trend analysis which means what consumers are buying, what they are watching online, which movies they are seeing, which newspapers they read etc etc. In this way, they can get data regarding their preferences, needs and wants so they can made and tailor their offers and products accordingly.

Consumers want to satisfy their needs and wants with the help of products and services. They want to use the latest and innovative products which can fulfill their needs in the most advanced and effective way at the affordable price.

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Suppose that XYZ Company hires labor and capital in competitive input markets. Assume that labor costs $200 per day and that a u
GuDViN [60]

Answer:

a) Yes, the firm is minimizing the cost of current production. This is because MRPL / w = MRPC / r = 0.20.

b) The long run adjustments that the firm would likely make in response to the wage increase is to use more labor and less capital until MRPL / w = MRPC / r, which is the condition for the cost minimization of a firm.

Explanation:

a) Given the information provided, is the firm minimizing the cost of current production? Explain why or why not.

The condition for the cost minimization of a firm is as follows:

MRPL / w = MRPC / r ……………………………. (1)

Where:

MRPL = Labor's marginal product = 40

w = Cost of labour = $200

MRPC = Capital's marginal product = 30

r = Cost of capital = 150

Therefore, we have:

MRPL / w = 40 / 200 = 0.20

MRPC / r = 30 / 150 = 0.20

Since MRPL / w = MRPC / r = 0.20, this implies that these conditions are consistent with equation (1). Therefore, the firm is minimizing the cost of current production.

b) If the daily wages were to increase, explain the long run adjustments that the firm would likely make in response to the wage increase.

If the daily wages were to increase, the MRPL / w in equation (1) in part a above will fall and we will have:

MRPL / w < MRPC / r …………………… (2)

Since equation (2) is no longer consistent with equation (1), the firm is NOT minimizing the cost of current production.

Therefore, the long run adjustments that the firm would likely make in response to the wage increase is to use more labor and less capital until MRPL / w = MRPC / r, which is the condition for the cost minimization of a firm.

7 0
2 years ago
if you receive a telephone call from someone asking that you explain your preferences for certain kinds of products, you are the
katen-ka-za [31]

If you receive a telephone call from someone asking that you explain your preferences for certain kinds of products, you are the subject of a survey.

In human research, a survey is a list of questions designed to extract specific data from a specific group of people. Surveys can be conducted by phone, email, internet, street corner or shopping mall.

A survey is a research method used to collect data from predefined groups of respondents in order to gain information and insight on various topics of interest. They have multiple purposes and researchers can implement them in different ways depending on the chosen methodology and research objectives.

Research can be divided into her two broad categories: questionnaires and interviews. A questionnaire is typically a paper-and-pencil tool filled out by respondents. Interviews are filled out by interviewers based on information provided by respondents.

Learn more about survey brainly.com/question/14610641

#SPJ4

7 0
1 year ago
"A high-ranking officer of ABC Corporation owns 10,000 shares of ABC Corporation control stock that she wishes to sell under the
LuckyWell [14K]

Answer: $9,000

Explanation:

Rule 144 is a regulation that governs the trading of restricted, unregistered, and control securities and is enforceable by the SEC.

Under the rule, the person, as an officer of the ABC Corporation is limited to selling the higher of 1% of the Outstanding stock the company has or the average weekly trading volume over the preceding 4 weeks.

1% of the outstanding 900,000 shares is;

= 1% * 900,000

= 9,000 shares

This is higher than the average weekly trading volume over the preceding 4 weeks so this is the maximum permitted sales figure.

3 0
3 years ago
Study groups: do they work or not?
Oduvanchick [21]

Answer:

When working on a group project, studying and working within a group will be a necessity, so you need to make it work for you! Studying in groups has its advantages and disadvantages, but the trick is to know when to resort to solo studying and when to go for group studying. Studying with a partner is a valuable way to learn as students help one another at overcoming weak points.

Advantages of Studying in Groups

1. Brainstorming

Studying in groups allows students to share their different thoughts with one another. This notion usually leads to a better learning process, since brainstorming generates new ideas and thus, students learn the same thing but with different perspectives. Open discussion enhances thinking skills and will give you access to others information and as a result, broadens your mind.

2. Clarification Discussions

Students are different and they perceive the same information differently. You can always ask your study mate to clarify a vague point for you and vice versa. Also, this action increases retention and reinforces the ideas, because the more the information is repeated the stronger the memory will be.

3. Motivation Booster

Group studying is the best procrastination solution as it breaks the monotonous learning process and it makes you attentive to what the others are saying. Mock tests and trial quizzes assist those struggling with course materials and those extracting tests and quizzes from them as well.

Disadvantages of Studying in Groups

1. Distraction

The benefits of group studies are a lot but there are also some cons to group studying. You may find it tiresome to stay focused when studying in a group. Sometimes the conversation shifts from studying to trendy events maximizing distraction. Studying alone might be helpful if you need undivided attention to the materials at hand.

2. Lack of Efficiency

Group studying hampers creativity and efficiency and when there are exams on the horizon, efficiency should be the priority. Studying alone will give you time and space to do your personalized studying. Also, when alone, you can focus freely on a certain part because you know you need to and skip other parts that you have already mastered. This allows you to manage your time wisely and prioritise your tasks.

3. Impersonalized Learning

Our brains conceive information differently, and in order to digest information correctly, you have to do it your own way, not another’s. When studying in a group, you might be studying at someone else’s pace, whether it is too fast or too slow, it will not help you with learning. Also, you might lose track of your own questions and the difficulties you might be facing with the subject at hand because students mostly do not want to diverge from the group. Creating personalized study plans for suture references will also save much time if the student loves to follow a plan and a schedule while studying.

Preferring one way over another does not necessarily mean that it is better; however, it simply means that people choose what suits their characters best. For example, a social person might find it difficult to study alone and find it more appealing to talk to people to learn and on the other hand, another social person will choose to study alone because he gets distracted easily with people and he can focus better when alone. In a nutshell, there is no way advantageous than the other; everyone has his own studying methods and each has its advantages and disadvantages.

6 0
2 years ago
Baseball Corporation is preparing its cash budget for January. The budgeted beginning cash balance is $19,500. Budgeted cash rec
Mice21 [21]

Answer:

$12,500

Explanation:

Budgeted cash receipts refer to the money that the company expects to receive in a specific period of time.

Budgeted cash disbursements are the payments that the company expects to make in a specific period of time.

$19,500+190,500-191,000= 19,000

Then, you have to subtract 19,000 from 31,500 to determine the amount that the company needs to attain its desired ending cash balance:

31,500-19,000= 12,500

According to this, the company should borrow $12,500.

4 0
3 years ago
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