Consumer decision making
This motivational factor involves consumers making purchasing decisions based on feelings or emotional desires
Emotional motives
Expanding into new markets by targeting different demographics involves this strategic approach that can be mitigated with through research
Market Expansion
Technologies like AI and the internet influences these four components of marketing, what are they?
The 4 Ps of marketing
This is the first stage in the consumers decision process, where a consumer recognizes a need
what is a need recognition?
Raising prices on products or services in high demand can impact customer perception, businesses must balance profitability with this
What is customer satisfaction?
This process involves promoting products in more than one country to expand brand reach
International or Global marketing
Understanding these motives such as social or emotional, helps marketers craft targeted messages
What are buying motives?
This strategy involves renegotiating with suppliers to potentially improve profit margins while managing increased costs.
This stage of the consumers decision process involves consumers comparing options based on price and quality before purchasing
Evaluating alternatives
Self improvement or health
This act of analyzing competitors strengths and weaknesses helps a business formulate its strategy
Emotional motives
What influences a social motive?
status, belonging to a group
This type of marketing strategy involves offering tailored promotions to individual customers based on their preferences
What is personalized or targeted marketing?
Implementing these programs and practices can help retain customers and maintain sales during downturns.
what are customer loyalty programs and superior customer service?