BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Detailed explanation-1: -Consumer behavior is the study of customers’ buying choices and the motivation behind those decisions. Marketers can determine consumers’ preferences and buying patterns by examining consumer buying behavior. Cultural, social, personal, and psychological factors could influence consumer buying behavior.
Detailed explanation-2: -These four elements are known as the four Ps of the marketing mix: Product: a good, service, or idea to satisfy the consumer’s needs. Price: what is exchanged for the product. Promotion: a means of communication between the seller and buyer.
Detailed explanation-3: -Economists note that imperfect competition occurs because consumers have unique needs and desires.
Detailed explanation-4: -Market orientation is an approach to business that prioritizes identifying the needs and desires of consumers and creating products and services that satisfy them.