The Consumer BMI3C. Why we buy… What motivates you to buy consumer goods and service? Make a list of the factors that influence your buying habits.

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Presentation transcript:

The Consumer BMI3C

Why we buy… What motivates you to buy consumer goods and service? Make a list of the factors that influence your buying habits

Some Key Terms A consumer is a person who USES a product A customer is a person who BUYS a product

Gatekeepers If the consumer is a child, a parent/guardian, called a gatekeeper, is the person who buys the product for the child The challenge for marketers of these products is to appeal to both the gatekeeper and the consumer Examples?

Needs and Wants Needs are items that are necessary for survival Wants are extras that add pleasure and comfort to our lives

Changes in Consumer Demand Marketers must consider and analyze consumer demand The value equation is an essential component of the consumer demand Consumer demand is constantly changing based on the economic shifts in a country, city, or region, as well as changes in consumer preference (based on trends and fads)

Questions Select 10 products you have in your home, and for each, suggest the needs/wants they satisfy How are your needs/wants affected depending on where you live in the world? What factors affect consumer demand?