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Consumer Behavior Model (Black Box) Definition of Consumer Behavior Consumer behavior is the study of individuals and groups to understand the process they follow before making a purchase. It encompasses psychological, social, and cultural factors that influen...

1. Cultural Factors Cultural factors play a significant role in shaping a consumer's behavior: Culture: The values, beliefs, and traditions a person grows up with influence their purchasing decisions. Example: In some cultures, gifting during festivals is a...

Consumers make different types of buying decisions based on how important the purchase is to them and how much they think brands differ. Below are the four main types of buying decision behaviors explained in simple terms. 1. Complex Buying Behavior Definitio...

Institutional Markets Definition: Institutional markets consist of organizations like schools, hospitals, nursing homes, and similar entities that focus on the welfare of individuals rather than profit-making. These organizations cater to the needs of a defi...

The STP Model is a strategic framework used in marketing to help businesses identify and connect with the right audience. It involves dividing a broad market into smaller, more manageable groups (Segmentation), deciding which group to focus on (Targeting), and...