ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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end user market
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consumer market
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internal market
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external market
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Detailed explanation-1: -The Black Box model, sometimes called the Stimulus-Response model, says that customers are individual thinkers that process internal and external stimuli to make purchase decisions.
Detailed explanation-2: -a model used in the study of the buying behaviour of consumers; the model assumes that what takes place in the consumer’s ‘black box’ of the consumer’s mind can be inferred from a study of observed stimuli and responses.
Detailed explanation-3: -It is called the ‘black box’ model because we still know so little about how the human mind works. We cannot see what goes on in the mind and we don’t really know much about what goes on in there, so it’s like a black box.
Detailed explanation-4: -One of the well-known theory of marketing is Stimulus-Response Model, Black-box by Philip Kotler. He explained the importance of studying the consumer behavior because marketing is all about knowing your customers well and coming up with products to satisfy needs and wants of the consumers.