ECONOMICS
MARKETS AND PRICES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Not buy the product
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Buy a substitute
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Both of these
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Neither of these
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Detailed explanation-1: -Buyer motivation refers to the psychological factors that encourage consumers to make purchases. For instance, when consumers buy on an impulse or when they buy products they believe will benefit their self-improvement. An understanding of what encourages your customers to buy puts you in a great position.
Detailed explanation-2: -Buying Motives are the reason(s) you buy the goods and services that you choose. There are 3 categories of buying motives: Emotional, Rational, and Patronage.
Detailed explanation-3: -Relevance. The more distinctive and uniquely relevant a product or service is, the greater the chance it will be chosen by the customer. Relevant brands are better linked to the dopamine, or reward, system in the brain (part of the limbic systems), which strongly influences our behavior.
Detailed explanation-4: -Desire for gain. The individual who has a strong desire for gain is attempting to advance, increase or grow in some way. Fear of loss. Individuals with a strong fear of loss are not risk takers. Comfort and convenience. Security and protection. Pride of ownership. Satisfaction of emotion. 21-Sept-2021