ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A family is a social group and all members of a family influence and get influenced by each other. Family bonds are more stronger than bonds in any other group and all members of the family form a single decision unit in case of purchase of products and services for common consumption.

Detailed explanation-2: -A major reason for the changing traditional purchasing roles for families is that: A. The economic conditions are forcing more teens to work.

Detailed explanation-3: -The family usually is the most significant primary group for the consumer, exerting a stronger and more wide-ranging influence on lifestyles and purchasing behavior. The actual influence within the family, however, depends very much on the type of product or service being purchased.

Detailed explanation-4: -These family life cycles also provide the basis for market segmentation and helps the marketer to target the market accordingly. The family life cycle helps to identify the consumer buying pattern by establishing a relationship between consumption expenditure and the life cycles for a particular product.