Question

1. Which of the following organizations would analyze their market environments, find a competitive advantage, and create a marketing mix?
A. a publisher of hunting and fishing magazines

B. a manufacturer of gym equipment

C. the United States Postal Service

D. a Pizza Hut franchise in Mumbai, India

E. all of the above

2. Finding a place to live in Mumbai, India, has been getting harder these days for people who are not vegetarians. Vegetarianism is a centuries-old custom among the Indian population, but the requirement is becoming more obvious as non-vegs are being segregated from vegs. This is important consumer information to a McDonald's franchisee and reflects how _____ shapes consumer behavior.

A. consumer expectation

B. stimulus reaction

C. culture

D. geographic segmentation

E. consumer impulse

3, Which of the following is an example of an individual factor that influences Bil Naggin's decision to buy a Sharps black powder cartridge rifle?

A. his culture

B. his interest in the Civil War

C. the fact his great-great grandfather died during the Civil War

D. the fact his favorite book is Red Badge of Courage

E. his desire to experience what it was like to be a Civil War soldier

Answer 1

Answer1 Option E: all of the above

Explanation: All organization needs to create a business strategy to maximize their profitability by analyzing the market conditions, consumer preferences, etc. The company has to evaluate the area of business where they can derive a competitive advantage it can either be by offering a product with better and innovative features compared to competitors or by selling products at a much lower price compared to competition to get a larger market share. Michael Porter has highlighted the need for product differentiation, cost leadership, and focus strategy. Most companies create a marketing mix i.e. a combination of product, place, price, and promotion to maximize their profits and to get a larger share of the market. All organizations have to optimize their marketing mix to derive a competitive advantage.

Answer 2 option C: culture

Explanation: 5 common factors impacting consumer behavior are psychological factors, socials factors, cultural factors, personal factors, and economic factors. Cultural factors are when a group of people has certain ideologies and values that belong to a particular community. The person's behavior is defined by the culture of the community. Vegetarianism is followed by many communities. It affects consumer behavior. It includes consumer's basic needs, values, wants, preferences, and behavior observed and learned from near family members and other members of the community.   

Answer 3: option E: his desire to experience what it was like to be a Civil War soldier

Explanation: 5 common factors impacting consumer behavior are psychological factors, socials factors, cultural factors, personal factors, and economic factors. He was influenced by Psychological factors that motivated his buying behavior. Physiological factors majorly impact consumer behavior. Some important factors are motivation, learning, perceptions, attitudes, and beliefs. He was motivated to experience the life of a civil war soldier.